APM Terminals secures concession extension at Spain's Valencia Port

The board of directors of the Valenciaport Authority (VPA) in Spain has approved an eight-year extension of the concession held by APM Terminals Valencia, subject to a new investment commitment exceeding €10 million (US$12 million) aimed at improving the terminal’s productivity, energy efficiency and environmental performance.

With this extension, the concession will run until 2049, reaching the maximum ordinary extension of 50 years permitted under Spanish port legislation.

APM Terminals said the extension responds to the additional investments proposed, which exceed 20 per cent of the investment initially envisaged in the concession and meet the requirements of the Spanish Ports and Merchant Marine Act for this type of substantial modification.