Philippine-based International Container Terminal Services, Inc. (ICTSI) has signed two 25-year agreements to operate the international ports in Motukea and Lae in Papua New Guinea (PNG).
ICTSI said that the terminal operating agreements were signed by ICTSI’s PNG subsidiaries, Motukea International Terminal Limited (MITL) and South Pacific International Container Terminal Limited (SPICTL), with the PNG state-owned enterprise, PNG Ports Corporation Limited (PNGPCL).
The contract scope covers the operation, management, and development of the two ports.
As agreed, MITL shall provide and deploy cranes, berth and yard equipment for the Port of Motukea. Newly developed and situated near Port Moresby, the Port of Motukea is envisioned to service all port and shipping activities previously done at Port Moresby.
On the other hand, SPICTL shall provide and deploy cranes, berth and yard equipment at the Port of Lae. The port is the largest container handling facility in PNG.
Just last week, ICTSI went on to buy a 34.83% stake in the Manila North Harbour Port Incorporated (MNHPI) for USD 34.5 million.
The port operator said the purchase would allow ICTSI to “ contribute its experience, expertise and state-of the-art technology and infrastructure” to enhance the operational efficiency of the domestic terminal in the Port of Manila and improve the traffic condition in Metro Manila.