ICTSI eyes operation of Brunei port

MANILA, Philippines - Listed port operator International Container Terminal Services Inc. on Thursday disclosed that it moved closer to operating a port in Brunei. In a disclosure, ICTSI said the Sultan of Brunei Darussalam has consented to award ICTSI the tender for the container terminal cargo handling operations of Pulau Muara Besar, Brunei Darussalam. "The award, however, is still subject to several requirements including the negotiation of a formal memorandum of understanding between the parties," the company said. As the terminal operator, ICTSI will be expected to provide assistance with the design of the 660-meter terminal undertake storage and handling of all container cargoes through the terminal under a concession agreement. ICTSI earlier said it will be spending P12 billion this year to fund its acquisition and expansion plans. - Cheryl M. Arcibal, GMANews.TV