International Container Terminal Services, Inc. (ICTSI) has signed two 25-year concession agreements to operate, manage, and develop the international ports of Motukea and Lae in Papua New Guinea (PNG).

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 PNG state-owned enterprise PNG Ports Corporation Limited, the global port operator said in a disclosure to the Philippine Stock Exchange.

The agreements and other related contracts will take effect after all the parties have complied with preceding agreed conditions, ICTSI noted.

MITL will 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 will provide and deploy cranes, berth and yard equipment at the Port of Lae, the largest container-handling facility in PNG. Lae, capital of Morobe Province, is PNG’s second largest city.

ICTSI is a global developer, manager, and operator of container terminals in the 50,000 twenty-foot equivalent unit to 2.5 million-TEU annual capacity range. With operations spanning five continents, it continues to pursue container terminal opportunities around the world.

Manila North Harbor acquisition

Recently, ICTSI said it was acquiring 34.83% shares of Petron Corporation in domestic port operator Manila North Harbour Port, Inc. (MNHPI) for P1.75 billion.

READ: ICTSI buys 34.83% of Manila North Harbor for P1.75B

With the North Harbor acquisition, ICTSI will have interests in both international and domestic port operations. ICTSI operates and develops ports around the world, with Manila International Container Terminal as its flagship operation. Its subsidiaries also operate ports in Subic, Misamis Oriental, Davao del Norte, and General Santos, among others.

MNHPI, on the other hand, has a 25-year concession to modernize and operate domestic terminal North Port, in Manila North Harbor under a PPA contract.

 

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