Port operator looking for more investments in PNG

Global port management company International Container Terminal Services (ICTSI) is planning more investments in the country after being awarded 25-year contracts to operate the international ports in Port Moresby and Lae.
The company is based at the Port of Manila, in the Philippines, and has been cited by the Asian Development Bank as one of the top five major maritime terminal operators in the world. The company entered Papua New Guinea last year to operate the ports at Motukea and Lae Tidal Basin.
Public Enterprises and State Investments Minister William Duma had said that an important aspect of the new terminal operator services arrangements was the transition of the affected local communities into equity ownership positions in the terminal operating companies alongside ICTSI.
ICTSI is owned by Filipino billionaire Enrique Razon Jr, regarded as the third richest Filipino.
Speaking at the official opening of the Motukea international wharf, outside Port Moresby, on Friday, Razon said: “The reason that the ship is here now is because we were able to turn it around in 12 hours in Lae when it normally takes 48 hours.
“Investments that the Government has made in these two facilities are paying off in efficiencies.
“Our group is looking at making other investments in the country, in the infrastructure sector.
“We would like to get early in the game, we can see that things are happening in Papua New Guinea.”