Portugal's government announced on Wednesday an investment plan worth 4 billion euros ($4.6 billion) to expand and modernise its main ports over the next 10 years, 75% of which will be done by private companies.
Infrastructure Minister Miguel Pinto Luz said the investment would be made in six ports, including the port of Sines - the closest deep-water European port to the U.S. coast - where the current terminal is being expanded and a new one will be built.
He said port activity in Portugal has "potential to attract new investment given the country's privileged location," with an extensive Atlantic coastline that can be a gateway to the Iberian market and connect to trans-European transport networks.
Pinto Luz said 15 new exploration concessions would be launched and, according to a new law, the private operators would enjoy a maximum term of 75 years, instead of the 30 years of current concessions.
The government projects these investments will increase cargo movement to 125 million tons annually by 2035, a 50% increase compared to the most recent data from 2023, as well as a 70% rise in container throughput to 6.5 million Twenty-Foot Equivalent Units (TEUs).
($1 = 0.8710 euros)
(Reuters)