The port authorities of Georgia and South Carolina have reportedly entered into an agreement to work together on the development of a new terminal on the South Carolina side of the Savannah River.

Under terms of the new joint venture agreement, which regulates the permitting and planning process for the Japser Ocean Terminal (JOT), both the port authorities will jointly own and operate it.

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The agreement additionally oversees the development of terminal design and supporting infrastructure including construction of road and rail connections, plans for financing, and execution of the operational decisions required during the permitting process.

“I am greatly encouraged with the signing of this agreement as the next step of the continuing cooperation and progress between Georgia and South Carolina.”

The entire project is valued at $3bn with Phase One of the new terminal expected to be completed within the next five to ten years.

The two ports are expected to benefit with required capacity in Savannah and Charleston with the new terminal, which would also provide a Southeast gateway for container shipping, jaspersuntimes.com reported.

According to the JPO board adopted work plan for the 2016 fiscal year, Moffatt & Nichol will serve as project manager and carry out geo-technical studies and conceptual work on terminal design.

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Jasper Ocean Terminal Board of Directors chairman David Posek was quoted by the publication as saying: “I am greatly encouraged with the signing of this agreement as the next step of the continuing cooperation and progress between Georgia and South Carolina.

“It establishes the framework between our two states to work together over the next decade.”