Notarc Management Group (NMG) has acquired the Panama Canal Container Port (PCCP) terminal in Colón, which is being developed with an investment of $1.4bn.

The company has also finalised plans for the completion of the modern port facility.

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The project was originally initiated by a consortium led by China’s Landbridge. However, following the 2019 elections, the new government in Panama annulled the consortium’s concession due to non-compliance.

Construction on 40% of the port facility has already been concluded. The remaining works on the project will commence during the fourth quarter of the year.

NMG CEO Leslie Bethel said: “This is our first major port initiative in Panama and sets the stage for other key investment opportunities we are pursuing across the region.”

Currently, NMG is collaborating with Mediterranean Shipping Company’s (MSC) affiliate Terminal Investment Limited (TIL) to undertake management and monitor the operations of the advanced transhipment facility.

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The facility is anticipated to handle 2.5 million twenty-foot equivalent units (TEUs) in its early years. Later, the capacity will be increased to five million TEUs.

PCCP CEO Dion Bowe said: “Panama is an ideal gateway hub in the Americas and the World.

“This acquisition is a strategic opportunity for us to further develop and integrate a regional logistics platform while investing in assets which are synergistic to our investment model and where innovation and location offer an incomparable business footprint in the region.”

Furthermore, Notarc reached a memorandum of understanding with US-based SGP BioEnergy (SGP) for the construction and management of a bioenergy facility as well as other logistics infrastructure at the Colón project.