The Posorja deep water port in Ecuador has started operations after the first phase of the port development project was completed two months ago.
Port operator DP World has invested USD 538 million in the first phase while the overall project is expected to cost USD 1.2 billion.
Posorja is expected to welcome an annual volume of 750,000 TEUs following the completion of the first phase.
DP World said the project would replicate Dubai’s Jebel Ali port and freezone, making Ecuador a trade and logistics hub for South America’s west coast, and opening a gateway for large container ships with capacities exceeding 10,000 TEUs.
Phase two of the project will be the development of “Posorja ZEDE”, a special economic zone (SEZ) for maritime, logistics and light industrial businesses.
Once all works are completed, Posorja will have a deep water port with a capacity of 1.5 million TEUs, in addition to a 21 km access highway and a 21 nautical mile maritime access channel that is 16.5 meters in depth.
The Port of Posorja is a strategic partnership between the public sector and the private sector. DP World is responsible for the design, financing, construction and operations of the facility for a period of 50 years, following which the port will be handed over to the state.
“The new port and special economic zone will significantly improve Ecuador’s global competitiveness and position the country as a dynamic business hub for the west coast of South America, following the model that has been tried and tested in Dubai and around the world,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, commented during a visit to the facility.