Manila: Philippine terminal operator International Container Terminal Services, Inc. (ICTSI) has agreed to operate, develop and expand Iraq’s largest port facilities and invest $130m in the first phase of the deal.
ICTSI signed a contract with General Company for Ports of Iraq involving container facilities at the Port of Umm Qasr, located on Iraq’s Gulf coast.
The port has 21 berths. ICTSI, in a stock exchange filing, said the contract grants it rights to manage and operate the existing container facility at Berth 20 of the port for a 10-year period.
ICTSI 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 said the expansion project would involve an initial 200 m of quay with estimated capacity of 300,000 teu. Capacity will expand to 900,000 teu when the facility is fully developed with 600 m of quay, ICTSI said. [11/04/14]