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The expanded Veracruz port will be larger than the ports of Manzanillo and Lázaro Cardenas combined, according to Mexico's transport and communications ministry (SCT).
In a statement, the SCT said that the Veracruz expansion is the most important port infrastructure project carried out in the country over the past century.
After the first stage is completed in 2018, cargo handling ability at the port will increase from 22Mt to 66Mt; by 2024, it will increase to 90Mt. Authorities had originally said the port's capacity would reach 95Mt after the second stage. Officials have also stressed that 80% of the required 30bn pesos (US$1.40bn) in investments will come from the private sector.
Tenders for the construction of four terminals that are part of the expansion project were launched in December. The winning bids will be announced on July 18.
The new port terminal is expected to start operations by end-2018.