DP World begins work on $1bn deepwater port in Ecuador
Port operator DP World began construction work on the $1bn greenfield multi-purpose port project in Posorja, Ecuador, developed through a public-private partnership agreement
Port operator DP World began construction work on the $1bn greenfield multi-purpose port project in Posorja, Ecuador, developed through a public-private partnership agreement.
Construction commenced after a ground-breaking ceremony on 1 September, attended by the President of Ecuador Lenin Moreno and DP World group chairman and chief executive officer Sultan Ahmed Bin Sulayem.
DP World won a 50-year concession from the government of Ecuador last year to build a facility with 750,000 TEU (twenty-foot container equivalent) of capacity with the aim of fuelling the country’s economic growth.
Work on nearby access roads began in July while completion of the port is expected to take around 24 months.
Phase 1 of the project, valued at $500m, includes the purchase of land, dredging of a new access channel, a 20-kilometer access road and a 400-metre berth equipped to handle containers and other cargo.
The project is expected to create thousands of jobs during construction, close to 1,000 jobs during operations, and includes plans to develop a logistics zone to create a regional trading hub.
DP World group chairman and CEO said: “The port has been designed to serve the growing needs of global markets - something we’ve been able to witness first-hand with our 78 terminals around the world - and will dramatically improve the global competitiveness of Ecuadorian exporters.”
A Special Economic Development Zone, which will include a 1 square kilometer logistics and industrial park, will be developed adjacent to the port.