Québec Port Authority (QPA) has signed a long-term commercial agreement with Hutchison and Canadian National Railway (CN) for the construction and operation of the terminal.
A study by KPMG has forecast that the construction phase alone will generate CA$500m in economic benefits and an average of more than 1,260 jobs a year.
The CA$775m project will be financed primarily through the joint investment of the three partners. The QPA also has ongoing discussions with the federal and provincial governments to complete the financing.
Hutchison Ports was selected after a competitive process. “We have chosen Hutchison Ports as it is a world-class operator, with customer-focused experience who shares our business vision regarding supply chain efficiency, innovation, safety and environmental concern,” said Québec Port Authority’s president and chief executive officer, Mario Girard. “
The agreement stipulates that Hutchison Ports will build the most environmentally and technologically advanced cargo-handling facility in North America. The aim is to develop a terminal with one of smallest ecological footprints in the world.
The project was previously called Beauport 2020 but will now be known as Laurentia, reflecting the the location on the Saint Lawrence. It is the major inland deep-water terminal in North America. It also benefits from a direct railway and highway connection and has all the space to handle thousands of containers per year.
The deep-water container terminal project is currently under an environmental assessment process with the Canadian Environmental Assessment Agency.