Argentina's government on Thursday said there are plans for a $550 million investment to build a new port in the Rosario region, a major farm hub which moves more than 80% of the South American nation's agricultural and agro-industrial exports.
The government did not give details on where the funds would come from, but a source at the CIARA-CEC chamber of grain exporters and processors told Reuters on condition of anonymity that local port operator Terminales y Servicios S.A., which already manages three ports, was making the investment.
Reuters was unable to reach anyone at Terminales y Servicios S.A. for comment. The Bioeconomy Secretariat, part of the Economy Ministry, declined to comment.
Argentina is one of the world's top two exporters of soybean oil and meal, and No. 3 in corn exports. The banks of the Parana River, which flows down to Buenos Aires, are dotted with ports for loading grain onto ships destined all over the world.
"We're announcing an investment for the construction of a new agro-industrial port in Timbues, on the Parana River," presidential spokesperson Manuel Adorni told a news conference, referring to a town some 50 km (32 miles) north of the city of Rosario.
"The investment will be around $550 million. Construction will begin this month," he said, without giving more detail.
Companies such as Bunge, Cargill and Louis Dreyfus already have grain loading and unloading terminals in the region.
Argentina's 2023/24 soybean and corn harvests are set to kick off next month. The Rosario Stock Exchange estimates the harvests will bring in 49.5 million metric tons of soybeans and 57 million tons of corn.
($1 = 1.7867 marka)
(Reuters - Reporting by Lucila Sigal and Maximilian Heath; Writing by Kylie Madry; Editing by Kirsten Donovan and Nia Williams)