DP World wins 50-yr concession to develop Ecuador’s Posorja port

DUBAI / Reuters

Dubai’s DP World won a 50-year concession to develop Posorja port project in Ecuador that will require initial investment of $500 million, the ports operator said in a bourse statement on Tuesday.
The initial investment “will include the purchase of land, dredging of a new access channel, a 20 km access road and a 400 metre berth equipped to handle containers and other cargo,” the statement said. The project will be conducted with DP World’s local partners, Consorcio Nobis and Grupo Vilaseca. A signing ceremony for the deal took place in Ecuador on Monday.