Esmeraldas concession to be terminated

The decision was taken by the Ecuadorian President Rafael Correa, during a recent visit to Manabi, after he was told by the Esmeraldas Port Authority (APE) that the concessionaire had failed to accomplish the infrastructure works and the required investment. Puerto Nuevo Millennium has chosen not to comment on the Government’s plan to terminate the concession.

In July 2004 when the Port of Esmeraldas was concessionalised, it was agreed that the consortium would allocate around US$200,000 every two years for social development, as well as carrying out an investment programme of some US$20m.

Ramón Angulo, general manager of the APE, stated that if the concession is terminated, “all the legal aspects must be revised to avoid harming the State”.