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.

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 MQG.AX and Brazilian private equity firm IG4, owns 80% of the terminal, while the remainder is owned by Rumo RAIL3.SA.

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.
Source: Reuters (Reporting by Roberto Samora;Editing by Bill Berkrot)