INTERNATIONAL Container Terminal Services Inc. (ICTSI) said it has signed a memorandum of agreement with two Papua New Guinea-based landowners to collaborate on ICT’s port project in Lae in the South Pacific island nation.
ICTSI said it signed the agreement with landowners AHI Investments Ltd. (AHI) and Labu Holdings Ltd. (LABU).
“We will not only be investing in ship-to-shore gantry cranes and the highest level of information technology, but most importantly, into training and human capital,” ICTSI senior vice president and head of Asia Pacific Christian R. Gonzales said in a statement.
ICTSI has signed a 25-year concession to operate ports in Lae and Motukea, through its subsidiary South Pacific International Container Terminal, Limited (SPICTL). SPICTL will source the workforce from AHI and LABU.
AHI and LABU will each have 15 percent share subscription in SPICTL, according to the agreement.
“We are glad to move forward with our commitments in PNG together with our partner communities. As with all our port projects, we are delighted to have local stakeholders on board so that we can truly be effective and successful,” SPICT chief executive officer Edward Muttiah said.