ICTSI and GCPI Sign Deal for Iraq’s Largest Port
Philippine-based International Container Terminal Services Inc (ICTSI) is about to invest $130 million in Iraq’s largest port, the Port of Umm Qasr, located on the Gulf coast.
Through its subsidiary ICTSI (M.E) JLT, the company signed, on April 8th, a contract with General Company for Ports of Iraq (GCPI) to operate, develop and expand container facilities at the Port of Umm Qasr.
Under the agreement, ICTSI will manage and operate the existing container facility at Berth 20 of the Port for a period of 10 years. For this purpose the company plans to spend $30 million in the rehabilitation of the Berth.
Also, ICTSI will build, under a build-operate-transfer scheme, a new container and general cargo terminal in the Port for a concession period of 26 years, and provide container and general cargo terminal services in both components.
For the new terminal, the company will invest around $100 million in the construction of a new 200-meter quay with an estimated capacity of 300,000 twenty foot equivalent units (TEUs).
Construction deadline for the new facility is 24 months. When finished, the new terminal will have capacity of 900,000 TEUs and a length of 600 meters.
According to ICTSI owner, Mr. Enrique Razon this is “the largest ever private investment in Iraqi ports“.
Umm Qasr is the largest port in Iraq and the main gateway to the Iraqi market. The port handles liquid and dry bulk, general cargo and containers. The port has 21 berths, with total berth length of 5000 meters.
World Maritime News Staff, April 11, 2014