ICTSI to invest US $130-million in Iraqi port
Philippines-based global ports operator International Container Terminal Services ICTSI is investing in Iraq's southern Umm Qasr commodities port.
ICTSI will operate, develop and expand the port, near Iraq's border with Kuwait, and invest US $130-million in the first phase of the deal.
The three-stage project involves constructing three quays that can handle a cargo of 1,500 containers, in addition to storage yards and installation of six gantry cranes, two for each phase.
"The estimated cost of the project is US $140 to 150-million for each stage. Each stage involves construction of a quay and a 200,000 square metre yard opposite to store containers and machinery, which are used to load and unload vessels," said Sharif al-Battat, commission manager at ICTSI.
Battat added that the first quay should be operational by August, and the second will be completed within the coming two years.
ICTSI will also build a new container and general cargo terminal in the port for a 26-year concession period, and provide container and general cargo terminal services.
The three-phase project is understood to create a shipment capacity of three million containers, increasing the number of berths in the port from 48 to 83.