ICTSI Opens First Phase of Basra Gateway Terminal Expansion
- Business & Finance
Manila-based container terminal owner and operator International Container Terminal Services, Inc. (ICTSI) has formally opened the first phase of the new greenfield terminal development at its Basra Gateway Terminal in the North Port, Umm Qasr, Iraq.
According to ICTSI, total investment for the first phase development, the first foreign financed development of new port infrastructure in Iraq, was USD 130 million.
“Today represents a milestone in the development of Iraq’s shipping infrastructure. ICTSI’s commitment to Iraq is evidenced in major investments in the upgrade of existing berths 19, 20 and the construction of the new terminal incorporating Berth 27,” Enrique K. Razon Jr, ICTSI Chairman and President, said.
He added that the new infrastructure, “equipped with state-of-the-art quayside and landside handling systems is critical for sustainable economic growth.”
“We are confident the new terminal area will boost efficiency and speed the movement of import and export cargo supporting the rapid growth in Iraq’s economy,” Razon said.
When fully developed, the new terminal area will comprise 600 meters of quay and 50 hectares of yard area.
In April 2014, Basra Gateway Terminal (BGT) was awarded the concession to take over the Government of Iraq’s container terminal in Umm Qasr as well as construct the new berth.