Portugal approves 642-mln-euro investment plan for new Sines terminal
Portuguese government announced on Thursday its plan to launch an international public tender for the new Vasco da Gama container terminal at the Port of Sines with an investment of 642 million euros (about 715 million U.S. dollars).
Minister of the Sea Ana Paula Vitorino said the investment will be “100 percent privately financed” and the project will increase the capacity of Sines by three million TEU.
This project “involves not only the construction of a pier that will allow the simultaneous mooring of three of the world’s largest container ships, but will also have equipment and all the features that will allow this terminal to be placed on international routes,” said Ana Paula Vitorino.
It is estimated that the construction of the Vasco da Gama terminal, with a concession period of 50 years, will have a total economic impact of 524 million euros, representing 0.28 percent of gross domestic product (GDP), said a statement from the ministry, adding that 1,350 direct jobs will be created in the exploration phase. (one euro currently equals to 1.11 U.S. dollars)