Puertos Inversiones y Obras S.A.S. (PIO S.A.S.) General Manager and Partner Óscar Isaza Benjumea confirmed on 25 November 2016 plans for the construction of a new Antioquia port on Colombia's northern coast (Portafolio). Cotema consortium (Italian - French firm Saipem and Termotécnico Coindustrial) was selected to build the port, which provided improved access to the Atlantic for Bogotá and Medellín – requiring a US$600 million investment (El Espectador). Ground is expected to be broken by July 2017, and the finished port will have the capacity of 7 million tons and 1.2 million TEUS.