Port of Umm Qasr set for major upgrade
Iraq’s largest port is set for a major upgrade following an agreement between the General Company for Port of Iraq and the Philippines' International Container Terminal Services Inc.
ICTSI says it has agreed to operate, develop and expand the Port of Umm Qasr, investing $130million in the first phase of the deal.
The Manila-based global ports operator signed a contract with General Company for Ports of Iraq involving container facilities Umm Qasr, located on Iraq's Gulf coast.
The port has 21 berths, with container throughput totalling 500,000-teu in 2013.
ICTSI, in a stock exchange filing, said the contract grants it rights to manage and operate the existing container facility at Berth 20 of the port for a 10-year period.
ICTSI will also build, under a build-operate-transfer scheme, a new container and general cargo terminal in the port for a 26-year concession period, and provide container and general cargo terminal services in both components.
It said the expansion project would involve an initial 200 meters of quay with an estimated capacity of 300,000-teu’s.
The capacity will expand to 900,0000-teu’s when the facility is fully developed with 600 meters of quay, ICTSI said.
ICTSI, owned by the Philippines' fourth-richest person Enrique Razon, operates the Southeast Asian country's biggest ports and has terminal concessions and port development projects in more than a dozen other countries, including in Indonesia, Japan, China, the United States, Brazil, Colombia, Ecuador, Poland, Pakistan and India.