NOVA MEDIA PUBLISHING INC.

Extended Concession Includes Works in Seaport of Guayaquil

13.12.2019

The reinforcement of the docks, the increase in the height of the cranes and dredging of the areas around the docks and manoeuvring areas will seek to provide facilities for greater draft vessels and with more cargoes that arrive at the seaport of Guayaquil.

These works are the first investments offered by Contecon, a company that, on Friday 6th, signed a new addendum to its concession contract that now extends for 27 more years until 2046. The first contract in 2007 was awarded for 20 years.

José Contreras, Contecon manager, said that after several months of negotiations, an agreement was reached to adapt the port to the new needs of the bigger ships that will arrive, after the Municipality of Guayaquil, through the private company, comply with the dredging of the access channels.

"These investments will ensure that the port adapts to meet the needs of the import and export markets with sufficient installed capacity to meet the demand of the next 30 years," he explained.

For his part, Héctor Plaza, manager of the Port Authority of Guayaquil (APG), explained that the income benefits of the State are maintained in this contract.

In the initial commitment, Contecon promised to allocate an investment of US$ 315 million investment over 20 years, but now it will be more than US$515 million until 2046, Contreras added.

"The US$1,700 million is the sum of all contributions until 2046, are investments, payments to the State, APG, income tax, Undersecretary of Ports, in the entire period of the concession," he said.

Although the foreign capital firm has claimed for the presence of private operators that decrease their income, in the last two years it has earned US$232 million. That has left a profit of over US$ 22 million, according to data from the Superintendence of Companies.

Both officials shook hands on pier 4 of the seaport while sharing the delivery of the testimonies corresponding to the addendum of the contract signed on December 3rd.

That maritime station moved 850,000 containers last year, down 2.09% compared to 2017.

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