The Shannon Foynes Port Company (SPFC), Ireland's largest bulk cargo handler, is conducting a review of its property and land portfolio, which may result in the investment of more than €100 million in its facilities and the disposal of several non-core properties.
The aim of the review is to increase capacity, storage and overall throughput at Ireland's second-largest port.
SFPC, a State-owned company that manages six port installations on the Shannon Estuary, estimates that by 2010 more than 14 million tonnes of material will pass through its facilities each year.
This compares with 11.4 million tonnes last year, 7 per cent on 2004.
Yesterday's announcement represents a significant increase in investment - since its inception in 2000 the company has invested only about €25 million in its operations, and signals a long-term commitment to the provision of modern port facilities.
"Our prime objective is to concentrate on our core business and the proposed investment in the expansion of facilities and services by SFPC highlights the potential for the mid west to continue to achieve economic growth," said Brian Byrne, the group's chief executive.
As much as 98 per cent of Ireland's internationally traded goods, worth more than €100 billion a year, are handled through the country's ports.
The proposed investment will likely be welcomed by the Irish Exporters' Association, which yesterday in its submission to the Government's second National Development Plan, emphasised the need for increased investment in the country's port infrastructure .
