CONSTRUCTION has begun on DP World's greenfield multi-purpose port project at Posorja, Ecuador, with work expected to take two years.
DP World group chairman and CEO Sultan Ahmed Bin Sulayem said it would improve the competitiveness of Ecuadorian exports.
It follows the 50-year concession DP World won last year to build the facility with a capacity of 750,000 TEU, located 65 kilometres from Guayaquil, reports London's Container Management.
The US$500 million Phase 1 investment includes the purchase of land, dredging of a new access channel, a 20-kilometre access road and a 400 metre quay.
Total investment will be more than $1 billion for the entire project with close to 1,000 jobs during operations along with plans to develop a logistics zone to create a regional trading hub.
