June 8 - DP World has been awarded a 50-year concession for the development of a greenfield multipurpose port project in Posorja, Ecuador, 65 km from Guayaquil.

The USD500 million initial investment will include the purchase of land, a new access channel, a 20 km access road and a 400 m berth.

Construction is expected to begin within the next six to nine months, and is estimated to take around 24 months to complete.

Total investment in the project will amount to over USD1 billion. The development will be implemented by DP World's local partners, Consorcio Nobis and Grupo Vilaseca.

Although the project will focus on container capacity, the port will have the ability to handle other types of cargo.

DP World says that Posorja Port will complement its network in South America by creating a new deepwater gateway for Ecuador's global trade, with access to a 15 m draft compared with the current 9.75 m draft available at the existing Guayaquil ports.

In addition, said DP World, the project has long-term expansion potential with about 2,000 m of berth and over 200 ha of terminal area available.