Consortiums lining up for Melbourne port

Four consortiums are lining up to buy the $6 billion, 50-year lease of Melbourne's port.

The sale is due to go ahead in the early part of 2017 after a deal on legislation was agreed on Thursday.

Treasurer Tim Pallas said the port lease had attracted significant interest.

"I know that there are at least four consortiums, I am not advised who they are," Mr Pallas told reporters on Friday.

"For probity purposes the intention is to keep me separated from who may be bidders in these arrangements."

Long-running negotiations on legislation to sell the port came to an end on Thursday night when the opposition and government agreed on the major points of a compensation scheme for the owners.

The new owners will be paid compensation if another state-sponsored port is built within 15 years of the port lease being signed - as long as Melbourne hasn't reached its agreed capacity.

Mr Pallas had strongly argued for a 50-year compensation clause, but the government caved to the opposition's demands for a shorter period.

"It really came down to good will and time," Mr Pallas said.

"We could have got it done for about the same value through administrative action, it would have taken about six months longer.

"I also thought there was probably some value in demonstrating that politicians actually can come together and do things of value for the state."

Shadow treasurer Michael O'Brien said the government had been trying to artificially inflate the price at the expense of future Victorians.

"Mr Pallas saw that having a 15-year compensation scheme was economic vandalism at 11.30am, but by 4.40pm that day he'd agreed to that, it tells you a lot about Mr Pallas and his consistency," Mr O'Brien told reporters.

Greens MP Colleen Hartland said a proposed port rail shuttle that would take 3500 trucks off the road should be forced into the deal.

"The amendment actually says they may do it, they should consider it, it doesn't say they must," she told reporters.

The opposition, Greens and cross-benchers are considering the latest amendments, with the port lease legislation set to pass through Parliament on March 8.