China's COSCO Shipping Ports and joint bidder PTP Ibérica have received approval to construct and operate a multipurpose cargo terminal in the Port of Tarragona, Spain.
The Port Authority of Tarragona formally approved the award on May 28 which remains subject to the incorporation of a joint project company and a final concession agreement.
Under the 50-year concession, the joint partners will manage a total area of approximately 510,586 square metres, which includes 452,219 square metres within the port domain and 58,367 square metres at the La Boella rail-port terminal.
COSCO Shipping Ports said it expects terminal operations are expected to commence in stages and eventually accommodate a diversified cargo mix including containers, general cargo, and vehicles.
The total investment for the development is estimated at €144.6 million ($156.2 million), with funding provided in proportion to the shareholdings of the joint venture partners.
Rapport Investment, a subsidiary of COSCO Shipping Ports, will hold a 51 per cent equity interest in the new project company, while PTP will retain the remaining 49 per cent.
