DP World is to invest a total of $1.2bn in building the new Posorja deep water port in Ecuador. In the first phase, $530m will be required.
The company has signed a memorandum of understanding with Ecuador's Ministry of Transport and Public Works. A definitive contract is slated for the end of March.
On offer is a 50-year concession. The terminal will cover 128ha and have a 160,000 square metre stacking yard as well as a further 190,000 square metres for other activities.
According to DP World local legal representative, Roberto Dunn, Posorja requires minimum deviation from international shipping lanes and will therefore lead to reduced costs for pilot services and make the new facility extremely competitive.
The terminal, which should handle an average of 2.5m teu per annum once it becomes operational, will have a draft of 15.5 metres.
