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.
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.
($1 = 4.9059 reais) (Reporting by Roberto Samora; Editing by Bill Berkrot)