Port of Veracruz to Invest Heavily in Expansion
- Business & Finance
During the recent Port Terminals and Operators Association Summit that was held in Veracruz, Mexico, the Port of Veracruz General Director, Juan Ignacio Fernandez presented the company’s expansion plan worth approx. $5.5 billion that should generate over 100,000 new jobs.
The first stage of this mega project, scheduled for 2014-2018, will require the construction of the 2.4km long western breakwater, as well as the construction of 2.8km long new dock for accommodation of two containers terminals and the satellite terminal that will handle mineral buck.
The second stage, set for 2019-2030 period, will see construction of 3.5km long eastern breakwater together with the rest of terminals works.
Mr. Fernandez also highlighted that the Port of Veracruz will with this investment increase its capacity from 23 million tons to 118 million.
He reaffirmed that the port’s expansion will not only favor the reduction in the transportation cost of imported or exported woods but will also make the port more competitive in the region.
October 10, 2014