Brazil’s MPort and China Merchants Port have inked an investment agreement for the Paranagua Container Terminal (PCT) expansion project with the latter strengthening its port business in Brazil with a US$280 million investment in TCP.
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The expansion involves investments of more than US$280 million, to be implemented over the coming years with a focus on increasing storage and cargo-handling capacity at the Paranagua Container Terminal (TCP) in Parana. TCP is the largest container terminal in South America, capable of handling 2.5m TEUs per year and simultaneously receiving up to three of the world’s largest vessels off the Brazilian coast.
“With these investments, the Paranagua Container Terminal will be consolidated as one of Brazil’s largest and most important terminals,” said Alex Avila, Brazil’s National Secretary of Ports. While Xu Song, China Merchants Port CEO, said that the company is “hungry for more investments” with growing confidence in the Brazilian market.
China Merchants Port entered into a 90% share purchase agreement with TCP in 2017 and the acquisition of Paranagua Port project was completed in 2018, representing a breakthrough for the company, entering the Brazilian market and expand its footprint in Latin America.