International Container Terminal Services (ICTSI), a port management company in the Philippines, has secured two 25-year contracts with the Port of Motukea and Port of Lae in Papua New Guinea.
ICTSI confirmed the deal for the two ports through the Philippine Stock Exchange, with the agreements signed by Papua New Guinea subsidiaries, Motukea International Terminal and South Pacific International Container Terminal, together with the country’s state-owned PNG Ports Corporation.
The agreement means that ICTSI has entered further into the Oceania market by gaining control over Port of Lae — the largest container handling facility in Papua New Guinea.
There are also plans to deploy cranes, berth and yard equipment for the Port of Motukea to move operations from the nation's capital of Port Moresby.
Learn how Victoria International Container Terminal presented ICTSI with its first commercial venture onto Australian shores by reading the 'VICT: Where Technology and Community Interface' technical paper
ICTSI stated: “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.
“The agreements and other related contracts will take effect after all the parties have complied with agreed conditions precedent.”
