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Terminal Link and Pio S.A. have signed a Memorandum of Understanding (MoU) in order to develop the Antioquia port project in Colombia.
The project, initially undertaken by PiO S.A., consists in the development of a multipurpose terminal located near the city of Turbo, Golfo de Uraba, Colombia.
The project will serve as a gateway to the region of Antioquia (Medellin) and the interior of the country taking advantage of Uraba's location and proximity to the Panama Canal.
This project aims to cover the needs the local fruit export industry, which currently exports 1.7 mtpa of fruits to Europe and the US. However, port infrastructure is lacking. Construction works are scheduled to begin in early 2017.
The investment for the first phase for the project stands at US$190 million and this for the whole four phases will reach a total amount of US$370 million.
In December 2015 five consortia submitted proposals to the EPC works of the project: a team by Acciona, China Harbour Engineering, a team led by Camargo Correa, a Mota Engil-led team and an Odebrecht-led team.
Deloitte was hired to carry out the feasibility study for the project. Astris Finance is acting as financial advisor for the sponsors of the project.