Business
Port of Montreal seeks $2.5B expansion
Montreal | May 10, 2008 12:01:13 AM IST
The Port of Montreal announced it is seeking a $2.5 billion, 12-year expansion and modernization to triple container traffic flow and draw cruise ships,. Port Authority Chief Executive Officer Patrice Pelletier revealed the plan Thursday at a luncheon at the Board of Trade of Metropolitan Montreal, The Gazette newspaper reported. He said last year the port earned $8.4 million on revenue of $82 million handling 26 million tons of cargo, up 3.6 per cent from 2006. As far as containers were concerned, Pelletier said the goal of the expansion project would be to triple handling capacity to 4.5 million units, the report said. He forecast that by 2020 the port's annual impact on the city's economy would rise to almost $3.5 billion from the current $1.5 billion, and the number of direct and indirect jobs would jump from 18,000 this year to 41,400. The investment would come from the authority's own funds along with the public and private sectors, Pelletier said. (UPI)
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