The Dubai-based port terminal operator broke ground on the new deep-water port facility in Posorja, Ecuador over the weekend, with initial plans estimating a completed port within 24 months.
Dubai-based port operator DP World has begun construction on the multi-purpose, deep-water port project in Posorja, Ecuador on Friday.
The port operator won a 50-year concession from the government of Ecuador last year to build a $1 billion facility with a capacity for up to 750,000 TEUs. The initial investment for phase 1 of the project costs $500 million and includes the land purchase, dredging of a new access channel, road construction and a 400-meter container berth, said DP World. The remaining $500 million will employ construction and operation workers and plans for a logistics zone.
“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,” said DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem. “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.
Construction on nearby access roads began in July but crew broke ground on the main facility over the weekend. The facility will be located 65 kilometers from the nation’s capital and home to the Port of Guayaquil and will also house a 1-square-kilometer logistics and industrial park marked as a Special Economic Development Zone for future use. The main facility is expected to take up to 24 months to complete, said DP World.
“DP World is always on the lookout for opportunities that help meet the growing demands of the global supply chain,” said DP World Posorja General Manager Jorge Velásquez. “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.”
DP World begins construction on Ecuador multi-purpose port
