APM starts expansion of Peru terminal
APM Terminals has started the construction of a US$307 million project to expand and modernise the terminal it operates in Peru's port of Callao, reported Dow Jones Newswires.
APM Terminals said the project, which includes expanding the terminal's facilities by demolishing an old train station, is expected to be completed in the fourth quarter of 2014.
"In macro terms, this work will improve competitiveness for all activities of Peru and generate more jobs and more investment," Transportation and Communications Minister Carlos Paredes said in a statement.
In 2011, APM Terminals signed a 30-year concession to operate the North Terminal in the Callao port, Peru's biggest. The company assumed operational control of the terminal in July 2011 and handled 436,117 TEUs in the first year of operations.
The company plans to invest a total of $749 million to expand and update the terminal. Once complete, the terminal will have the capacity to handle 2.9 million TEUs annually.