Officials of Port Freeport are looking forward to partnering with Madrid, Spain-based Dragados Servicios Portuarios y Logisticos in development of the newest facility at Port Freeport.

Port Freeport has entered into negotiations with Dragados SPL on a multi-decade contract for a public-partnership to develop the Port's Velasco Terminal, following unanimous approval by the Port Commission.

'We are truly delighted to team up with such a widely known and well-respected international player as Dragados SPL,' said Port Freeport Executive Port Director A.J. 'Pete' Reixach Jr. 'Together, we will bring the Texas Gulf Coast a premier facility that represents our Port's first major construction project in more than a quarter century, as well as the entry of Dragados into the US port market.'

Dragados SPL is a significant force in terminal operations and infrastructure development in Europe, China and South America. Gina Wang, Madrid-based project development manager for Dragados SPL, is equally enthused.

'We are very excited to soon be involved with Port Freeport on the Velasco Terminal project,' Wang said. 'Dragados is the largest independent terminal operator in Spain and is also actively pursuing new terminal projects worldwide.

'We see the Velasco Terminal as an excellent opportunity to enter the US market,' Wang said. 'Now, we look forward to working with Port Freeport officials and bringing success to the Velasco Terminal project.'

Port Freeport is currently investing $42 million in development of the Velasco Terminal's initial phase, to include an 800-foot-long berth. Upon full buildout, the $225 million facility, with 1,200 linear feet of berthing and 90 acres of developed backland, is to have a capability to handle an annual throughput of more than 750,000 twenty-foot-equivalent container units (teus).

The Port ship channel on which the Velasco Terminal is being developed has a depth of 45 feet, and Port Freeport officials are working with US Congress in the final stages of a feasibility study on widening and deepening the channel. Port officials are also engaged with the Texas Department of Transportation in efforts to widen Texas Highway 36, the main artery for the Port's over-the-road truck traffic.