News Details :
News Details:
Headline : Ecuador,United Arab Emirates : DP World wins Concession Agreement for greenfield port in Ecuador
Summary : DP World has won a 50 year concession for the development of agreenfield multi-purpose port project at Posorja, Ecuador, 65 kilometres from the countrys main business city of Guayaquil.

The $500 million initial investment (Phase 1) will include 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 is expected to start within the next six to nine months and take around 24 months to complete, resulting in 750,000 TEU

Total investment will be over $1 billion for the entire project with thousands of jobs during construction, close to 1,000 jobs during operations, along with plans to develop a logistics zone to create a regional trading hub.The project will focus on containers with the capability tohandle other types of cargo and will be implemented with DP Worlds local partners, ConsorcioNobis and Grupo Vilaseca.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: We aredelighted to extend our South American footprint with a major investment in Ecuador.
Theadditional value it will bring to the economy is compelling, increasing competitiveness through the provision of modern container terminal services in central Ecuador.

Posorja will contribute to our continued growth in the developing markets of South America int he years ahead. This investment builds on our existing network in the region, with terminals inArgentina, Brazil, Peru and Suriname.

We look forward to bringing DP Worlds world classproductivity-enhancing, security, safety and environmental best practices in container terminal development and operation to Ecuador.Roberto Dunn, Executive Director, Consorcio Nobis, said We are excited to partner with DP World and Grupo Vilaseca on this landmark project.

DP World Posorja will offer Ecuadoreanimporters and exporters a unique deep-water alternative that will dramatically improve the competitiveness of their products in world markets and has the potential to transform the Ecuadorean economy.

Posorja Port will complement DP Worlds extensive network in South America by creating a newdeep-water gateway for Ecuadors global trade with a range of benefits that include Access to a 15m draft compared to the current 9.75 metre drafts at the existing Guayaquil ports

Additional capacity for the Guayaquil terminals which last year recorded throughput ofover 1.75 million TEU close to their existing limits.

Innovative solutions for the worlds largest banana exporting country enabling access to global markets.

Long-term expansion potential with up to about 2,000 metres of berth and over 200 hectares of terminal area.