The Port of Iberia held a ceremony today announcing a land expansion deal worth $7.9 million. This expansion will bring in new opportunities for jobs and revenue throughout southwest Louisiana.

IBERIA PARISH, La. (KLFY) -- A new land expansion deal is going to bring positive economic change to southwest Louisiana.

The Port of Iberia held a ceremony today announcing a land expansion deal worth $7.9 million. This expansion will bring in new opportunities for jobs and revenue throughout southwest Louisiana.

The multi-million dollar expansion adds an additional 117 acres of land to one of the state's most economically significant areas. Port of Iberia President Shane Walet says he is grateful for the opportunity to get the deal done.

"It is really good. It is an exciting day for the Port of Iberia today for us to have this expansion and this property acquisition," said Walet.

The majority of the project is funded by the state through a capital outlay project called "Port Priority." The purchased land was formally owned by Mosing Ventures and used for various deep water projects. Walet says he will continue the work of Mosing Ventures.

"We are aiming for this yard to continue to support the Gulf of Mexico deep waters," Walet explained.

This move allows for opportunities from new industries to produce jobs in the area. Iberia Parish District 10 Council Member Eugene Olivier says this move is just one more step in improving the economy in the area as the Port's growth continues.

"The Port of Iberia is going to have a big economic impact for Iberia Parish," said Olivier. "The port has been growing at a steady rate and we are looking to have a lot more companies to come in and actually to improve this area."