ICTSI unit to develop multipurpose terminal in Nigerian Port

Razon-led International Container Terminal Services Inc. (ICTSI) has inked a lease agreement to develop a multipurpose terminal in Nigeria's Port of Onne.

In a regulatory filing on Thursday, ICTSI said its subsidiary International Container Terminal Services Nigeria Ltd. (ICTSNL) will take charge of the project in agreement with the Nigerian Port Authority.

"The multipurpose terminal will be designed to handle containers as well as general cargo, including project, heavy lift, and roll-on/roll-off cargoes," the disclosure read.

ICTSNL will also develop and equip Berths 9, 10, and 11 of the Federal Ocean Terminal of the Onne Port Complex in the Rivers State.

Located in the Guinea Gulf in East Nigeria, the Port of Onne is reputed as a modern gateway at the center of Africa's largest oil-producing region.

ICTSI is involved in over 30 terminal concessions and port development projects in 18 countries. It has operations in the Philippines, Indonesia, Papua New Guinea, Brazil, China, Ecuador, Poland, Georgia, Madagascar, Croatia, Pakistan, Honduras, Mexico, Iraq, Argentina, DR Congo, Colombia, Australia, and Mexico.

It currently holds a concession contract to be the exclusive operator of the Manila International Container Terminal (MICT) until May 18, 2038.

Shares in the company opened Thursday at P121.70 apiece, up from Wednesday's finish of P120.80 apiece.—AOL, GMA News