A ground-breaking ceremony last Friday marked 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 of capacity. The US$500 million initial investment (Phase 1) 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, not including 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 one square kilometre logistics and industrial park, marked as a special economic development zone, will be developed adjacent to the port.