DP World Starts Building Deep Water Port in Ecuador
- Business & Finance
Dubai-based port and terminal operator DP World held a ground-breaking ceremony to mark the start of construction of the greenfield multi-purpose port project at Posorja, Ecuador on August 31.
The move follows the 50-year concession the company won in June 2016 from the Government of Ecuador to build a facility with 750,000 TEU of capacity to fuel the country’s economic growth and connect it with international markets. Posorja’s first deep water port would be built under a total investment of over USD 1 billion.
Phase 1 includes a USD 500 million initial investment which would cover the purchase of land, dredging of a new access channel, a 20-kilometre access road and a 400-metre berth equipped to handle containers and other cargo.
Construction of the port, which is located 65 kilometres from the country’s main business city of Guayaquil, is expected to take around 24 months to complete. A 1 square kilometre logistics and industrial park, marked as a Special Economic Development Zone, will be developed adjacent to the port.
“The port has been designed to serve the growing needs of global markets…and will dramatically improve the global competitiveness of Ecuadorian exporters,” Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO, said.
“This facility will help Ecuador become an important player in regional and global trade and its deep drafts and quay lengths will handle Post-Panamax vessels to complement Guayaquil and other nearby terminals,” Jorge Velásquez, DP World Posorja General Manager, added.