Prumo Global Logistics, a Brazilian port operator, has received more than US$800 million of funding for its subsidiary Porto do Açu Operações in order to complete the expansion of the Port of Açu, according to Port Finance International.
PTI previously reported that Brazil was planning to build a US$446 million container terminal at Pontal de Parana, just outside of the Port of Paranagua in the south of Brazil in a bid to reinvigorate the container market in the south of the country.
Eugenio Figueiredo, CFO of Prumo Global Logistics, said: “Eliminating the mismatch between our existing long-term contracts and our short-term liabilities will allow Prumo to continue its commercial ramp-up and realize the vision of the Port of Açu.”
Banco Nacional de Desenvolvimento Econômico e Social were the bank responsible for providing the funding.
Fact File: The Port of Açu is located in the North of Rio de Janeiro state and started full operation in 2014. It is heavily focused on the Oil & Gas sector with major clients including NOV, Technip, Edison Chouest, Petrobras, Wartsila, BP and BG.