Tuesday, October 14, 2014
Hong Kong’s Hutchison Whampoa to invest in Panama port
The Panama Ports Company, an arm of Hong Kong’s Hutchison Whampoa, will invest approximately $110 million through 2015 to expand Balboa Port in Panama, according to PPC's top executive.
"We expect this project will allow us to boost capacity to some 5 million containers," up 11 percent compared with the port's current capacity, said PPC CEO Aitor Ibarreche.
Ibarreche said the expansion, which will add loading and unloading space to the facility and wire its crane zone with electricity, is designed to dovetail with the completion of the widened Panama Canal in 2016.
PPC operates the Balboa Port and the Cristobal Port on the Caribbean coast. Asia’s richest man, Li Ka-shing, controls PCC’s parent company Hutchinson Whampoa.
For more of the Reuters story: www.reuters.com
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