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Brazil's federal government published details of a new port sector law that standardizes the criteria used to make decisions on early port concession extension requests.
The new regulation is aimed at facilitating the authorization process where new investment to improve port infrastructure is assured, special ports department SEP said in a release.
Currently, approximately 20 requests for lease extensions have been filed. They involve approximately 7.3bn reais (US$2.93bn) in investment, the release added.
Concession holders interested in extending their contracts must submit a request to SEP. If authorized, the request will be forwarded to national waterways regulator Antaq for technical, economic, and environmental feasibility studies. If approved, SEP will finalize the extension.
Qualifying lease contracts include those which were signed under 1993 port law 8.630 and those with a clause permitting an extension.
BNamericas will host its 5th South America Infrastructure Summit in Colombia on October 22-23.