Tycoon Enrique Razon Jr.’s International Container Terminal Services Inc. (ICTSI) is making its debut in Papua New Guinea.
The company said in a stock exchange filing Monday it signed 25-year agreements each to operate the international ports in Motukea and Lae in Papua New Guinea (PNG).
ICTSI said the agreements were signed via PNG subsidiaries, Motukea International Terminal Ltd. (MITL) and South Pacific International Container Terminal Ltd., together with PNG state-owned PNG Ports Corp. Limited (PNGPCL) for the operation, management and development of the two ports.
“The agreements and other related contracts will take effect after all the parties have complied with agreed conditions precedent,” ICTSI said.
The company said MITL would 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,” ICTSI said.
South Pacific International Container Terminal would provide for the requirements of Port of Lae.
This port is the largest container handling facility in PNG. Lae, capital of Morobe Province, is PNG’s second largest city.
ICTSI is involved in almost 30 port deals around the world across five continents. Its flagship project in the Philippines is the Manila International Container Terminal.