The Ecuadorian government on Tuesday allowed China's Hutchison Port Holdings to enter the bidding process for a contract to redesign the port of Manta, the first time a foreign company is allowed to do so, the National Mondernization Council said.

Hutchison has proposed to offer 530 million U.S. dollars over 30 years to modernize Manta, which is located in the Pacific Ocean some 252 km southeast of Quito.

According to the council, Hutchison has met the requirements for foreign companies to take part in the bidding process, listed in the Regional Merchant Marine Directorate's resolution 344.

The final meeting on the bidding is scheduled to be held in June, and the contract for the port construction will be signed on July 28.

Manta, Ecuador's second largest port after Guayaquil, hosts a U.S. military base which is used to combat drug trafficking.

Source: Xinhua