Chief Financial Officer Rafael Consing told the Nikkei Asian Review that the operator has signed two 25-year agreements to operate the international ports in Motukea and Lae in Papua New Guinea.
ICTSI told the Philippine Stock Exchange that the ports will be run under 25-year contracts which will take effect once the company meets the customary conditions.
The terminal operating agreements were signed by ICTSI’s PNG subsidiaries, Motukea International Terminal Limited (MITL) and South Pacific International Container Terminal Limited (SPICTL), with the PNG state-owned enterprise, PNG Ports Corporation Limited (PNGPCL).
MITL will apparently provide and deploy cranes, berth and yard equipment for the Port of Motukea, while SPICTL will provide and deploy cranes, berth and yard equipment to the Port of Lae.
ICTSI is demonstrably keen to add more midsize facilities in emerging markets.
The operator also strengthened its foothold in Manila last week by buying a 35% stake in Manila North Harbor Philippines for 1.75 billion pesos (US$34.5 million).
These latest acquisitions follow some decisions earlier in the year to abandon port contracts in Oregon, US, Nigeria and Brunei over matters of financial viability.