Dubai: DP World, the world's fourth biggest container terminal operator, is to operate Brazil's largest private multi-modal seaport after joining hands with Brazilian conglomerate Odebrecht to invest in the project.
DP World and Odebrecht together acquired a majority stake in Embraport. Phase one development of the project is valued at around $500 million (Dh1.83 billion).
When asked by Gulf News how much DP World has invested towards the $500 million, officials said that information is not being released.
Embraport (Brazilian Port Terminal Company) is being built next to Porto de Santos, an existing port facility in Santos, near Sao Paulo. Porto de Santos is Brazil's largest container port, with 90 per cent of its cargo destined for the local Sao Paulo market.
There are already rail and road connections to the project site.
The $500 million first phase of the terminal development is scheduled to be finished in 2012, with a capacity of around 1m teu and will be operated by DP World - its first project in Brazil.
Once complete, the project will be able to ship more than 1.5m teu and about two billion litres of ethanol. [31/08/09]
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