TPS signs contract extension for Valparaíso terminal 1

Terminal Pacífico Sur Valparaíso ( TPS), the main terminal concessionaire at central Chilean port Valparaíso, has signed a 10-year extension of its contract with state authority Empresa Portuaria Valparaíso ( EPV). The contract extension considers extending the terminal's berthing area 3 to 120m, and strengthening berthing areas 4 and 5 to make them earthquake-resistant, a press release from TPS reads. The work will enable the terminal to handle two post-Panamax vessels simultaneously, allowing Valparaíso port to maintain its competitiveness, the company said. TPS will carry out engineering and feasibility studies, which requires approval from EPV and the public works ministry's ( MOP) ports works division. Work is scheduled to begin in 1Q13 and take 18 months to complete. TPS is controlled by the Ultramar group. The firm was awarded the original 20-year concession of Terminal 1 in 1999.