Super Port Acu LLX Acu

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In June 2007, the Brazilian company LLX Logistica was granted an authorization to build, own and operate the Acu Port located in the city of São João da Barra (Rio de Janeiro state). Two subsidiaries of LLX were to operate the facilities: LLX Minas-Rio, which was owned by LLX (51%) and the British mining company Anglo American (49%); and LLX Acu, which was owned by LLX (70%) and LLX’s subsidiary Centennial (30%). LLX Minas-Rio undertook the responsibility of the operation of two berths and terminals dedicated to store and transport mining products, while LLX Acu was to manage 6 berths and terminals dedicated to the storage and transportation of other products (the infrastructure surrounding the port was supposed to be developed so as to create conditions for the installation of an industrial complex in the area). The estimated total investment of LLX Acu was US$ 700 million. These investment commitments also included the construction of a 3-km bridge linking the continent with the berths. In Aug. 2008, LLX Acu signed a contract with the railway concessionaire FCA, which will be responsible for transporting the products in and out of the port (the investment figures also included the construction of a 15 km railway that will link the port with the mining companies and the country’s railway network). In 2009, all environmental licenses had already been granted and the operations were expected to commence in 2012 (construction works started in the second half of 2007). In September 2010, LLX Acu was granted a 25-year licence to construct and operate the port facilities by the federal port regulatory agency ANTAQ. With regards to the financing of LLX Acu’s infrastructure, the company signed a US$ 196 million (BRL 345 million) loan agreement with the privately-owned Brazilian bank Bradesco in March 2010. In March 2012, an additional loan was granted by the state-owned bank BNDES with a value of US$ 262.3 million (BRL 518 million). Finally, in August 2012, the company issued long term bonds with a total value of US$ 379.8 million (BRL 750 million). LLX Acu signed contracts with Votorantim, Camargo Correa and Wisco for the installation of industrial units in the area and the use of the port facilities. The company also signed MOUs with over sixty companies interested in using the port infrastructure. The Acu Port was granted the right to take part in the government program called Regime Especial de Incentivos para o Desenvolvimento da Infra-Estrutura (Reidi). Companies selected to take part in this program were given tax cuts in the acquisition of capital equipment and construction material acquired both in the domestic and international markets (this incentive represented a cost reduction of about 9.25%). In addition, the company was allowed to use accelerated depreciation methods of accounting for construction expenditures. In August 2013, EBX Group faced financial difficulties and sold part of its shares in LLX, the subsidiary which undertook its port ventures. LLX Acu was acquired by Prumo Logistica Global, a partnership of EBX (20.8%), EIG Global Energy Partners (53%) and small investors (26.2%). The project company was renamed Porto do Acu Operacoes S.A. By the end of 2013, the Japanese company Marubeni acquired EBX's shares in Prumo Logistica Global and, in 2014, EIG increased its stake in the company. By the end of 2015, Prumo's shareholders were EIG (74.3%), Marubeni (6,7%) and small local investors (19%). In February 2014, the state-owned bank BNDES approved an additional loan of US$ 767.9 million (BRL 1805 million) to Porto do Acu. In August 2015, the state-owned bank BNDES approved an additional loan of US$ 1315.6 million (BRL 4389 million) to Porto do Acu.