RAZON-LED port operator International Container Terminal Services, Inc. (ICTSI) on Monday said that it had signed two 25-year agreements to operate international ports in Motukea and Lae in Papua New Guinea (PNG).
The terminal operating agreements were signed by ICTSI’s PNG subsidiaries, Motukea International Terminal Limited (MITL) and South Pacific International Container Terminal Linited (SPICTL), with the state-owned enterprise PNG Ports Corporation Limited (PNGPCL).
The agreements cover the operation, management and development of the two ports, according to ICTSI.
“MITL shall provide and deploy cranes, berth and yard equipment for the Port of Motukea. Newly developed and situated near Port Moresby, the Port of Motukea is envisioned to service all port and shipping activities previously done at Port Moresby,” ICTSI said in its disclosure to the Philippine Stock Exchange.
“On the other hand, SPICTL shall provide and deploy cranes, berth and yard equipment at the Port of Lae,” ICTSI added.
The Port of Lae is considered as the largest container handling facility in PNG.
ICTSI said the agreements and other related contracts will take effect after the parties have complied with the agreed conditions precedent.