Port operator International Container Terminal Services Inc. on Wednesday inaugurated the first phase of its new greenfield terminal development in Iraq.
“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. Modern and reliable infrastructure, equipped with state-of-the-art quayside and landside handling systems is critical for sustainable economic growth,” said ICTSI chairman and president Enrique Razon Jr.
“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.
ICTSI invested $130 million in the first phase development of Basra Gateway Terminal in the North Port, Umm Qasr, Iraq. When fully developed, the new terminal area will comprise 600 meters of quay and 50 hectares of yard area. The concession duration for the green field project is 26 years.
ICTSI earlier allocated $420 million in capital expenditurefor 2016, of which $157.8 million was spent in the first half of the year.
The budget is mainly for the completion of the initial stage of its new container terminals in Australia, Democratic Republic of Congo and Iraq and the continuing development of projects in Honduras and Mexico.