The New South Wales State Government plans to privatise Port Kembla & Port Botany to increase funds for infrastructure projects.
Of the $500 million expected to be generated from the Port Kembla lease, $100 million will be spent on infrastructure in the Illawarra. The rest will be spent on other projects throughout the state.
The port's potential privatisation was announced during last month's state budget. Sydney Ports Corporation will lose responsibility for most of the Port Botany precinct but will retain control of maritime security and emergency responses.
The successful bidder should be known by December.