Sydney Ports Corporation, a NSW Government State Owned Corporation operating in Sydney Harbour and Botany Bay, is internationally respected as a leading commercial port manager. Sydney’s ports have been crucial to the economic development of Australia since their establishment as the country’s first major ports more than 200 years ago. Today they are an economic powerhouse, handling each year more than $50 billion of international and domestic trade.
Sydney Ports Corporation’s Port Botany facilities have outstanding potential to support trade growth for the benefit of the NSW economy. Consequently, the Corporation has been given State Government approval to undertake a major expansion of its container port facilities at Port Botany. The project will be one of the largest port developments undertaken in Australia in the past 30 years. The Port Botany Expansion (PBE) project comprises the construction of a new five berth container terminal, dredging to create channels, and work on dedicated transport access. The PBE also includes reclamation for the construction of tug and support vessel berthing facilities adjacent to the new terminal. As environmental protection and preservation is a key goal of Sydney Ports Corporation, this has been a major consideration in the planning of the massive Port Botany infrastructure project.
TCorp manages Sydney Ports Corporation debt through a diversified portfolio of debt instruments with varying maturity dates. While Sydney Ports Corporation debt has been steady for some time at about $170 million, the PBE project will require significant further financing. TCorp is working with Sydney Ports Corporation to create a method of financing that aims to bring about the greatest efficiency to the financing of the expansion project and the greatest benefit to the Corporation and, ultimately, the State of NSW.
George Lara is General Manager Finance and Information Services, Sydney Ports Corporation.