Speaking at the Port Terminals and Operators Association Summit, general director of the port, Juan Ignacio Fernandez, said the first stage, from 2014-2018, will require an investment of 24bn peso (US$1.795bn) for the construction of the 2.4km western breakwater, the 2.8km dock to hold two container terminals and the satellite terminal to handle mineral bulk.
The second stage, to take place between 2019 and 2030, will see the construction of the 3.5km eastern breakwater and more container terminals.
The Port of Veracruz says this expansion makes sense because it is significantly cheaper to move cargo from Asia to the US via Mexico, so it will reduce transport costs for shipping companies and “add value” to Mexico’s port sector.
It is expected that the entire expansion project will require 70bn peso (US$5.5bn) and will generate 140,000 full and part-time jobs.
It is understood finance for the project will come from the concessionaires of terminals handling containers, finished vehicles and grain, as well as from service providers.
With this expansion, the port’s capacity will increase from 23 million tonnes to 118 million tonnes.