Dubai-based DP World, in cooperation with the president of Ecuador, held a ceremony, marking the start of construction of the greenfield multi-purpose port project at Posorja, Ecuador.
The ceremony follows the 50-year concession the company won last year from the Government of Ecuador to build a facility with 750,000 TEU (twenty-foot container equivalent) of capacity to support the country’s economic growth and connect it with international markets.
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem, said: “This is an important landmark in Ecuador’s growth story – we’re celebrating today the first public-private partnership that will benefit local economy and change forever the way it trades with the world.”
The $500 million initial investment includes 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. Total investment will be over $1 billion for the entire project with thousands of jobs during construction and operations, along with plans to develop a logistics zone to create a regional trading hub.
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. Additionally, a 1 square kilometre logistics and industrial park, marked as a Special Economic Development Zone, will be developed adjacent to the port.
DP World Posorja General Manager Jorge Velásquez, 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. Its navigation channel is designed for ease of access, allowing large capacity ships to call at our shores.”
