Mexico could postpone Pacific port's construction

Mexico's Transportation Secretary Luis Tellez says the construction of a huge new Pacific seaport in Baja California could be postponed because of the world economic slowdown. The port could compete with Long Beach and Los Angeles if built. Tellez says two U.S. banks are working with Mexico to determine if it's still possible to finance the $5 billion Punta Colonet project. Tellez said Tuesday that the deadline for companies to register for the bidding process will likely be extended past the current Jan. 26.



The port would transform a wind-swept bay 150 miles (240 kilometers) south of the U.S. border into a booming port city, creating an estimated 80,000 jobs, drawing freighters from Asia and funneling manufactured goods north.

Source: www.ap.org