Hutchison to leave Ecuador
Hutchison Port Holdings is backing out of a plan to develop and run a container terminal in the Ecuadorian port of Manta after it said the government changed the terms of the concession agreement, according to a Bloomberg report Friday.
Changes to the deal were 'unacceptable,' according to an e-mail statement sent from the Hong Kong-based terminal operator, the news service reported.
In early January President Rafael Correa threatened to expel Hutchison for delaying the development of the terminal, and Hutchison responded by publicly announcing its commitment to 'the long-term development of port infrastructure in Ecuador.'
The terminal operator now said it would work with the port authority to transfer the project to another developer.
The deepwater terminal in Manta was originally intended to be finished in 2007.
Hutchison to leave Ecuador
