Cargo Business Newswire

Tuesday, April 15, 2014

ICTSI to invest $130M in Iraqi port

The Philippines' International Container Terminal Services Inc. announced a deal to run and develop Iraq's largest port and plans to invests $130 million in the first phase of the deal.

ICTSI signed a contract with the General Company for Ports of Iraq regarding container facilities at the Port of Umm Qasr, which features 21 berths, and handled 500,000 TEUs in 2013.

In a stock exchange filing ICTSI reported the deal grants it rights to operate the existing container facility at Berth 20 of the port for 10 years. The terminal operator will also build, under a build-operate-transfer scheme, a new container and general cargo terminal at the port for a 26-year concession period, and provide container and general cargo terminal services in both components.

The expansion project will involve an initial 200 meters of quay with an estimated capacity of 300,000 TEUs, the company said, and capacity will expand to 900,000 TEUs when the facility is complete.

For more of the Reuters story: reuters.com