DP World partners with Odebrecht to buy Brazil port
The deal is the fruit of DP World’s partnership with Brazilian engineering and construction company Odebrecht, and marks its entry into the Brazilian market. ‘This is an unparalleled opportunity to enter Latin America's largest economy and establish a strong position on the east coast,’ DP World CEO Mohammed Sharaf said.
The Embraport project is being designed primarily to ship cargo containers and ethanol. The first phase is scheduled to open in 2012 with a capacity of around 1 million twenty-foot equivalent container units (TEU), and is expected to cost $500 million (€350 million). The completed project will have a capacity of 1.5 million TEU, and about 2 billion litres of ethanol.
Embraport is being built adjacent to the existing port facility, Porto de Santos, which already has excellent established rail and road connectivity. Sharaf anticipates the new port ‘will contribute positively to the local economy by generating efficiencies in the supply chain’.
DP World, which is controlled by the government of Dubai, operates 49 cargo terminals across six continents.