Port Finance International Events - covering global port developments

Search site

RSS
Thursday, 10 April 2014

ICTSI sets foot in Iraq

Philippine operator ICTSI is to invest $130 million in the Iraqi port of Umm Qasr as part of a deal to operate and expand its container and general cargo facilities.

Located on the Persian Gulf, state-owned Umm Qasr is Iraq’s main deep-sea port. With 21 berths and a total quay length of 5,000m, it handles liquid and dry bulk, general cargo and containers, with box throughput totalling 500,000 TEUs last year.

ICTSI will manage the existing container terminal on Berth 20, but will also expand container and general cargo facilities.

Phase 1 of the Umm Qasr expansion will include a new 200m quay wall and storage yard with a capacity of 300,000 TEUs. At full build, the facility will have 600 metres of quay and a 900,000 TEU capacity. 

Initial investments are expected to exceed $130 million. “This is by far the largest ever private investment in Iraqi ports,” said Enrique Razon, ICTSI chairman and president.

“The port has seen impressive growth over the past decade ago,” noted Hans-Ole Madsen, ICTSI senior vice president for Europe and Middle East Region. “But current cargo volumes are still only a fraction of what is expected in the future. The Iraqi economy is being transformed as Iraq develops its industrial potential and catches up with its neighbouring economies. ICTSI will provide the world-class port infrastructure and cargo handling skills required to support Iraq’s economic transformation.”

Manila-based International Container Terminal Services, Inc. (ICTSI) has operations in 15 Asian locations, 7 American locations, 3 African locations and 3 European locations. Umm Qasr will be its first implantation in the Middle-East.

ABOUT US

Port Finance International provides online news and conferences worldwide. It is a platform and a community for senior industry experts and players to review and discuss the market. Our online news team provides daily coverage of international port finance, investment and operations news. A weekly e-newsletter- sent to readers free of charge - covers the key news and views of the week.

Port Finance International's conferences and training programmes are held across the globe. These events feature key industry figures and they address market challenges and trends as well as providing industry players with essential networking opportunities.

Follow us

Newsletter

Sign up for our free newsletter