Santos Brasil to request Tecon Santos investment timetable extension
Container terminal operator Santos Brasil will ask for an extension of the investment timetable for its Tecon Santos terminal at São Paulo state's Santos port, due to excess installed capacity.
The operator, obligated to invest a total of 1.27bn reais (US$384mn) in the terminal until 2020, will ask the transportation ministry to extend the schedule to 2031.
Under current capacity investments in expansion are unnecessary, Santos Brasil's president Antônio Carlos Sepúlveda was quoted by financial newspaper Valor Economico as saying.
The company assumed the investment commitment in 2015 in exchange for the government's approval of an early extension of the Tecon Santos lease, effective until 2047.
Tecon Santos container terminal, able to handle up to 2mn TEUs/y, is expected to increase capacity to 2.4mn TEUs after investments conclude.
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