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Brazil's Espirito Santo state port authority Codesa presented (pictured) a 2.5bn-real (US$796mn) public-private partnership (PPP) to expand capacity at the Barra do Riacho port in the city of Aracruz.
Contrary to a report by Reuters and information from local news services earlier this week, the initiative is the only port terminal PPP currently being planned in the state, the port authority said in a release.
The project's objectives are to attract private investment, generate employment, and increase Codesa's revenue. Located just 83km north of state capital Vitória, the PPP will benefit the capital city as well as Aracruz, the authorities noted.
Codesa also said that it is the first port terminal project in the country to fall under the federal government's PPI partnerships investment program.
Civil works to expand the port's berthing area should start by next year and, according to Codesa president Luiz Cláudio Montenegro, the port will be able to handle vessels of up to 400m.
The port area currently has railway access and freight logistics area will be improved further as federal highway BR-101 in the process of being widened.
Private port terminal operator Portocel is also planning an investment of 1.5bn reais into its wood pulp handling facility at the port.