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31 Aug 2009
INTERNATIONAL. Global marine terminal operator DP World and Brazilian company Odebrecht announce they have entered into a partnership to acquire a majority stake at Empresa Brasileira de Terminais Portuários (Embraport), one of the largest Brazilian private multi-modal port terminals in the city of Santos.
It is the first time that DP World and Odebrecht Investiments in
Infrastructure have formed such a partnership. The investment fund
FI-FGTS of Caixa Econômica Federal will maintain its shareholding
acquired earlier. Coimex Group, leader of the project since its
inception, reduces its shareholding, but remains a key member of the
partnership.
Embraport (Brazilian Port Terminals Company) is being built adjacent to
Porto de Santos, an existing port facility in the city of Santos, São
Paulo State.
Porto de Santos is the largest Brazilian container port, with 90% of
its cargo destined for the local São Paulo market. There is an
excellent road and rail connectivity to the project site.
The first phase of the project is scheduled to be concluded in 2012
with around 1 million TEU (twenty foot equivalent container units)
capacity and it will be operated by DP World. The fully developed
project will have capacity of more than 1.5 million TEU and about 2
billion litres of ethanol. Phase-I is expected to be about a $500m
terminal development.
DP World will provide its extensive experience in the development and
operation of multi-purpose port facilities, while Odebrecht will
contribute with its significant experience in constructing marine
terminals and management infrastructure projects. In addition,
Odebrecht companies will increase the potential captive cargo, both
cabotage and export, that can be handled through the project facility.
Coimex Group plays an important role in the project for its expertise
in foreign trade and logistics.
Mohammed Sharaf, CEO, DP World said: 'This is an unparalleled
opportunity to enter Latin America's largest economy and establish a
strong position on the east coast, building on the network we already
have in the region to expand our offering to our customers. With strong
origin and destination cargo, Embraport fits our business model well
and we believe our international experience and expertise will
contribute positively to the local economy by generating efficiencies
in the supply chain. We are particularly pleased to be entering into a
partnership with Odebrecht, - they represent an extremely strong local
partner, and are part of a group that has constructed several of our
global terminals.'
Marcelo Odebrecht, CEO ,Odebrecht said, 'Odebrecht strengthens its role
as a major player in the Brazilian infrastructure sector and reaffirms
its commitment to the country's growth through investments in
greenfield projects. Embraport's operation will bring opportunities for
other Odebrecht companies, such as Braskem, which operates in the
chemicals and pretochemicals sectors, and ETH, which operates in the
sector of sugar and ethanol - as both will use the port for disposal of
their products. As the largest services exporter in Brazil, Odebrecht
Organization has already a specific structure of Import and Export
Logistics Olex. In 2008, more than 12 thousand containers and 160
thousand items were exported, generating an income of over US$ 1.4
billion in foreign exchange for Brazil. It is a great opportunity to
strengthen Odebrecht's relationship with DP World besides the current
construction of DP World's container terminals in Callao, Peru and the
terminal at Doraleh, Djibouti, Africa officially opened in February
this year.'
Orlando Machado Junior, Group Executive Vice-President, Coimex, said,
'Coimex Group considers this a unique opportunity to partner with DP
World and Odebrecht, since from the beginning of the project, we
recognised the importance of having an international port builder and a
port operator and one of the most renowned Brazilian corporation as
partners. Both companies add value to the project by their management
and operation competencies. We are convinced that we will give enormous
contribution to Brazilian development by putting in operation this
important port terminal in Santos. Coimex Group's know how in
logistics, associated with Coimex Trading's expertise in foreign trade,
is a relevant feature that complements the competencies of our
partners.'
Source: BI-ME