The Panama Ports Company (PPC), a part of Hong Kong-headquartered Hutchison Whampoa Ltd., has set aside a budget of around USD 110 million to expand Panama’s Balboa port throughout 2015, Reuters reports.
The upgrade is expected to result in more loading and unloading space within the port, as well as to electrify the facility’s current fuel-burning crane zone, said Aitor Ibarreche, PPC Chief Executive Officer.
“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 Ibarreche.
The expansion purposely coincides with the massive, USD 7 billion Panama Canal upgrade project, scheduled for completion by 2016.
Besides the Balboa Port, PPC operates the Cristobal Port on the Caribbean coast.