DP World Breaks Ground on $1 Billion Ecuador Port
DP World Group has started construction on a greenfield multi-purpose port project in Posorja, Ecuador after DP World won the 50-year concession to build the facility.
Ecuador’s new deepwater port, with 750,000 TEU capacity, will be located 65 kilometres from the country’s main business city of Guayaquil.
A ground breaking ceremony on September 1, 2017 was attended by Ecuador’s President Lenín Moreno Chairman and the CEO of DP World Sultan Ahmed Bin Sulayem.
During phase 1 project partners will purchase the land, dredge a new access channel, build a 20-kilometre access road and builda 400-metre berth for containers and other cargo.
Work on nearby access roads started in summer and port construction is expected to take around 24 months to complete.
While an initial investment US$500 million will provide for the buildout in phase 1, total investment will be over $1 billion for the entire project, which includes a 1 square kilometre Special Economic Zone.
The project, agreed with Equador’s government in 2016, will also involve plans to develop a logistics zone to create a regional trading hub. The project will focus on containers, but will have the capability to handle other types of cargo and will be implemented with DP World’s local partners, Consorcio Nobis and Grupo Vilaseca.
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem, said: “This is an important landmark in Ecuador’s growth story – we’re celebrating today the first public-private partnership that will benefit local economy and change forever the way it trades with the world.
“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.
“President Lenín Moreno has a great vision for his people and we’re proud to be part of his development plans for this resource rich country and its industrious workforce.”
DP World Posorja General Manager Jorge Velásquez, said: “DP World is always on the lookout for opportunities that help meet the growing demands of the global supply chain.
“This facility will help Ecuador become an important player in regional and global trade and its deep drafts and quay lengths will handle Post-Panamax vessels to complement Guayaquil and other nearby terminals.
“Its navigation channel is designed for ease of access, allowing large capacity ships to call at our shores.”