Posorja, Ecuador: Groundbreaking for billion dollar port

hellenicshippingnews.com / The President of Ecuador Lenín Moreno and DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem today performed a ground-breaking ceremony to mark 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 fuel the country’s economic growth and connect it with international markets. The $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 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. While work began in July on nearby access roads, 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. Read Article