ICTSI to Invest $130m in Port Deal

By John Lee.

The Philippines-based International Container Terminal Services Inc (ICTSI) said on Thursday that it signed a contract with General Company for Ports of Iraq, agreeing to operate, develop and expand the Port of Umm Qasr.

In a stock exchange filing, the company said the contract grants it the right to manage and operate the existing container facility at Berth 20 for a 10-year period. It will also build, under a build-operate-transfer scheme, a new container and general cargo terminal in the port for a 26-year concession period, and provide container and general cargo terminal services in both components.

It will invest $130 million in the first phase of the deal.

Reuters reports that the port has 21 berths, with container throughput totalling 500,000 Twenty-foot Equivalent Units (TEU), in 2013.

It said the expansion project would involve an initial 200 meters of quay with an estimated capacity of 300,000 TEUs.

The capacity will expand to 900,000 TEUs when the facility is fully developed with 600 meters of quay, ICTSI said.

(Source: Reuters)

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