The Special Secretariat of Ports of the Brazilian Presidency - SEP/PR executed last December the first amendment of anticipated extension of port lease agreements.
The referred amendment refers to the anticipated extension of the contract entered into by and between Companhia Docas of the State of São Paulo and one of the lessees at the Port of Santos.
According to the New Ports Law (Law no. 12,815 of June 5th, 2013) the port lease agreements in force executed under the effectiveness of the Law no. 8,630 of February 25th, 1003, may have their extension anticipated, at the SEP/PR's discretion, and the lessee shall assume the obligation to make investments in the area according to a previously approved plan.
The procedure to be adopted for this type of extension is regulated by the SEP/PR 's Ordinance no. 349/2014.
According to the amendment the lessee undertook the obligation to invest approximately R$50 million in the expansion of its capacity until 2017. Over the new contractual period, with effectiveness until February, 2041, it will be invested the total amount of R$187 billion.
The amendment also established new minimum handling/movement parameters as well as instituted the lessor´s operational performance parameter.
Several applications requesting the anticipation of extensions have been filed at the SEP/PR and ANTAQ currently amounting to approximately R$10 billion in investments.
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