Bicknell

Construction Group Tank-Weld says its Rio Bueno port plan is now a $2.3 billion investment, having opted to expand the original $1.2 billion project announced last September to take advantage of 'new' opportunities over the past few months.

Originally slated to develop a bulk cement and bagging facility at Rio Bueno in Trelawny, Tank-Weld will also build a Liquid Petroleum Gas (LPG) filling station, expand the sizes of the warehouses at a cost of US$60 million and construct a conveyor system to accommodate the exportation of aggregates.

When ground for the project broke on Wednesday, the total cost was at $2.3 billion which Managing Director of Tank-Weld Chris Bicknell said was funded partially by equity and loans.

Bicknell told the Financial Gleaner that an additional 15 acres of land on the 14 acres already acquired, was purchased at over US$1 million (J$67 million) from two private owners to facilitate the new developments.

Adding to the pier, a filling station will be constructed to transport LPG which is to be obtained from either Trinidad and Tobago or Venezuela from the Rio Bueno Port to the North Coast at a cheaper cost, via pipelines.

Mitigate traffic congestion

He said this should mitigate the traffic congestion normally caused by large slow moving trucks and benefit thenew hotels and their housing developments.

Mr. Bicknell said the extra projects would run parallel to the original.

"Tank-Weld Metals will be seeking partnership with people who understand the business as LPG is not our core business, but retain ownership of the port," he explained.

"We are meeting with people in other islands for export of aggregate of sand and stone used for construction" said Mr. Bicknell, citing Cayman as a possible source.

susan.gordon@gleanerjm.com