Brazilian port logistics firm CLI plans to invest 600 million reais ($122.30 million) in its terminal, the largest in the country for sugar exports, at the Santos port in Sao Paulo state, an executive said on Thursday, according to Reuters.
The investment, which must be formalized through a contract with the federal government, is expected to boost the capacity of the terminal by 20% to 19 million metric tons per year, said CLI Chief Operating Officer Marcos Pepe Bertoni.
The investment will go toward infrastructure improvements, such as a new sugar warehouse and new enclosed conveyor belts.
CLI, jointly controlled by Australia’s Macquarie Asset Management Real Assets and Brazilian private equity firm IG4, owns 80% of the terminal, while the remainder is owned by Rumo.
The company is also a partner in the Maranhao Grain Terminal (Tegram) at the Itaqui port.
CLI added that Tegram is expected to increase its grain handling by more than 15% in 2023 from the previous year as it takes advantage of a record harvest and an increase in production in the Matopiba region.