ICTSI expands port operations in Iraq

MANILA, Philippines – International Container Terminal Services Inc. (ICTSI) has completed the first phase of the expansion of the Basra Gateway Terminal (BGT) in North Port, Umm Qasr, Iraq.

ICTSI chairman and president Enrique Razon Jr. said in a statement the official inauguration of the new terminal area is a milestone in the development of Iraq’s shipping infrastructure.

The new facility marks the successful implementation of the first development of port infrastructure fully funded by foreign financing in Iraq.

“ICTSI’s commitment to Iraq is evidenced in major investments in the upgrade of existing berths 19, 20 and the construction of the new terminal incorporating Berth 27.

Modern and reliable infrastructure, equipped with state-of-the-art quayside and landside handling systems is critical for sustainable economic growth. We are confident the new terminal area will boost efficiency and speed the movement of import and export cargo supporting the rapid growth in Iraq’s economy,” Razon said.

ICTSI invested $130 million for the development of the first phase of the expansion of BGT.

Once fully developed, the new terminal area would cover a total of 600 meters of quay and 50 hectares of yard area.

Apart from acquiring new equipment and information technology systems for the terminal, ICTSI is also spending heavily in the training of workforce, drawn largely from the local community of Iraq.

ICTSI is in the business of port operations, management and development. 

The company’s portfolio of terminals and projects covers developed and emerging market economies in the Asia Pacific, the Americas, Europe and the Middle East, and Africa. 

As of the first semester, ICTSI’s net earnings dropped 12 percent to $92.6 million from $105.7 million in the same period last year.