Melb port almost ready to go to market

Victoria is almost ready to put the Port of Melbourne on the market after the government and opposition reached a significant agreement on the lease deal.

The long-running saga over the $6 billon, 50-year lease is almost over, with a deal set to be passed in the next sitting week.

The government said the opposition was still looking at minor technical issues but there was "significant agreement" on all major points.

But the coalition said it needed to look closely at the latest amendments to ensure every new clause was understood.

Special Minister of State Gavin Jennings moved a series of amendments in the upper house on Thursday night after a day of tortuous negotiations.

The two sides have been stuck on the compensation paid to the new owners if a competing port is built before Melbourne reaches capacity.

The opposition wanted zero years and moved to 15, while the government wanted 50 years before eventually agreeing to 15.

"That has been the nature of the division between the government and the opposition," Mr Jennings told parliament on Thursday night.

"(We've made sure) principles of competitive neutrality are inserted into the act to ensure there is a protection for the operator."

Shadow treasurer Michael O'Brien said the deal would be assessed over coming days.

"All parties as well as industry needs opportunity to consider these 23 pages of amendments," Mr O'Brien said on Twitter on Thursday afternoon.

Treasurer Tim Pallas earlier in the week gave a "rock hard deadline" of Thursday to get the legislation through parliament or he would sell the port lease directly using the State Owned Enterprises Act.

Instead the port lease bill will be voted on when parliament sits again on March 8.

Greens leader Greg Barber said the government's bluff had been called.

"It appears the 'rock hard' deadline was not all that hard. Like pumice maybe," Mr Barber told AAP.