Philippines firm signs deal to run PNG ports: Report

Business

PhilippineS port operator International Container Terminal Services Inc has signed a 25-year agreement to operate international ports in Motukea and the Lae Tidal Basin, according to an overseas media report.
A report in the Manila Times said the deal was signed by its PNG subsidiaries, Motukea International Terminal Limited (MITL) and South Pacific International Container Limited (SPICL),
and the PNG Ports Corporation Limited.
The agreement covers the operation, management and development of the two ports.
In a disclosure to the Philippines Stock Exchange,” the firm said: “MITL shall provide and deploy cranes, berth and yard equipment for the Port of Motukea. 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.
“SPICTL shall also provide and deploy cranes, berth and yard equipment at the port of Lae. The port of Lae is considered the largest container handling facility in PNG.”
ICTSI said the agreement and other related contracts would take effect after the parties had complied with the conditions.

Leave a Reply