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Financial details of the deal were not disclosed. Coimex Group, the developer of the terminal, will reduce its shareholding, but remain a key member of
the partnership.
The first phase of the project is scheduled to be concluded in 2012. Phase-I of the terminal development is estimated to cost about $500 million. The fully developed project will have capacity of more than 1.5 million twenty-foot equivalent units, or TEUs, and can ship two billion litres of ethanol.
“This is an unparalleled opportunity to enter Latin America’s largest economy and establish a strong position on the east coast, building on the network we already have in the region to expand our offering to our customers,” Mohammed Sharaf, Chief Executive Officer, DP World, said.
This deal marks Dubai-government-owned DP World’s entry into the Brazilian market. The world’s fourth largest port operator’s existing South American operations include ports in Argentina and Venezuela.
Embraport (Brazilian Port Terminals Company) is being built adjacent to Porto de Santos, an existing port facility in the city of Santos, São Paulo State. Porto de Santos is the largest Brazilian container port, with 90 per cent of its cargo destined for the local São Paulo market. There is an excellent road and rail connectivity to the project site.
DP World will provide its experience in the development and operation of multi-purpose port facilities, while Odebrecht will contribute with its experience in constructing marine terminals and management infrastructure projects.
“It is a great opportunity to strengthen Odebrecht’s relationship with DP World besides the current construction of DP World’s container terminals in Callao, Peru and the terminal at Doraleh, Djibouti, Africa officially opened in February this year,” Marcelo Odebrecht, Chief Exexutive Officer, Odebrecht, said.
DP World on August 27 declared a 34 per cent fall in first-half profit on reduced cargo activities. Its shares closed at $0.40 on the Nasdaq Dubai on
last Thursday.
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