Investment in Sines to €17Bn

 In News, Ports, Shipping

The Portuguese Government says that the Port of Sines will become a strategic point for gas imports into Europe thanks to investments worth €17Bn on facilities and infrastructures.

Because of Europe’s energy vulnerability following the war in Ukraine and dependence on Russian gas, the president of AICEP Global Parques told the business daily Dinheiro Vivo in an interview that Portugal would help “change the paradigm for the entry of gas into Europe.”
Filipe Costa described Sines is a “large logistics, energy and technology hub” in Portugal and that current investments would reach €17Bn.
“Right now, excluding public investment, data compiled from projects underway (at the Port of Sines), of both confirmed and potential business, imply investments of up to €17Bn”.
An example of such investment is “the doubling in size of the current shipping container terminal and a future second terminal” which represents a €940 million private investment.
Filipe Costa refers to Energy Sul which involves the Sines energy hub which has energy intensive industries (refining, petrochemicals, chemicals, decarbonised circular industries, ammonia and green hydrogen projects) worth around €12.6Bn, of which €5Bn represent fresh investments by existing companies such as Galp, EDP Production and Repsol Polymers”.
Furthermore, another €7.5Bn investment is expected from new players.
AICEP Global Parques is a State-Owned Enterprise dedicated to the management of business parks and provides procurement services for industrial and logistics projects in Portugal, able to host any kind of companies from a wide range of economic and industrial activities.
AICEP Global Parques has earmarked Sines and Setúbal as a strategic location for the supply of imported energy (gas and oil) for the Iberian Peninsula.