THE International Container Terminal Services Inc. announced on Monday that ICTSI Chairman and President Enrique K. Razon Jr. signed an agreement for the second phase of the port operator’s terminal in Iraq.
In a disclosure to the Philippine Stock Exchange, ICTSI said Razon signed on October 22 an expansion agreement with the General Company for Ports of Iraq (GCPI) and Basra Mas for the second major development phase of ICTSI’s subsidiary Basra Gateway Terminal (BGT) in the North Port, Umm Qasr, Iraq.
ICTSI said the expansion, which will involve the infusion of $100 million, will increase BGT’s container-handling capacity from 600,000 twenty-foot equivalent units (TEUs) to 1,200,000 TEUs in 18 months.
“This increase will be achieved by developing two new berths—Berths 25 and 26—and incorporating a 20-hectare yard area,” ICTSI said in its disclosure. “The berths will be configured and equipped with quay and landside container handling systems, and will be able to handle container vessels of up to 10,000 TEUs.”
The disclosure failed to prevent a 0.39-percent decrease in ICTSI’s stock price, which closed at P103 after opening at P103.40 on Monday.