Mitsubishi Corporation Enters Sea Port Terminal Business in Colombia
September 18, 2014     Japanese 
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Mitsubishi Corporation Enters Sea Port Terminal Business in Colombia - JCN Newswire
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Mitsubishi Corporation Enters Sea Port Terminal Business in Colombia

Tokyo, July 28, 2014 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce its entry into the sea port terminal business in Santa Marta, Colombia. MC joins forces with Daabon Group1, which develops sea port terminal business activities along Colombia's Caribbean Coast, to establish a port holding company in Santa Marta. MC will participate in the joint venture with a 25% shareholding.

Located on the Caribbean Sea, the Port of Santa Marta is a multi-functional terminal which mainly handles coal, fuel oil and palm oil, as well as container cargo, grain and general cargo. As the only port that has jetties with enough draft (18m) for post-Panamax vessels, Santa Marta has the third largest cargo volume in Colombia. Due to steady economic growth in Colombia and the expansion of the Panama Canal, import/export volumes at Santa Marta are expected to increase. Therefore, there are several ongoing plans to expand the capacity of the port so that Santa Marta will play an even more important role as a transportation hub.

Endowed with rich natural resource reserves and a convenient location straddling the Pacific Ocean and the Caribbean Sea, Colombia is regarded as an emerging country with remarkable prospects for economic growth, following on the heels of the BRICS. The Colombian government has therefore made infrastructure development a priority for sustainable economic growth. Going forward, MC intends to continue collaborating with Daabon, one of the largest business groups in Santa Marta, the capital of the Department of Magdalena, for the expansion of port terminal business activities in Colombia. Developing new business in this sector is also consistent with the Japanese government's strategy of promoting the export of infrastructure-related industries and systems.

1. Daabon Group:

Daabon is a Colombian business group with origins dating back to 1914. Daabon engages in a wide range of business activities such as the production and export of organic palm oil, banana, coffee and bio-fuel as well as sea port terminal operations. Based in the city of Santa Marta, in northern Colombia, the company has seen rapid expansion in recent years. Daabon markets its products and services globally through a network of branches in Japan, USA, Australia and Europe.

About Mitsubishi Corporation

Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.

Contact:

Mitsubishi Corporation
Telephone:+81 3 3210 2171 
Facsimile:+81 3 5252 7705

 


July 28, 2014
Source: Mitsubishi Corporation

Mitsubishi Corporation (TSE: 8058) (FTSE: MBC)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Joint Venture
View more news from these Sectors: Shipping & Transportation


 
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