INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Tuesday said it expects to start operations of its Motukea International Terminal (MIT) in Port Moresby, Papua New Guinea by mid-May.
This after the ICTSI South Pacific signed an agreement with the Noho-Magae organization, which represents the Baruni and Tatana communities, that would allow the latter to become shareholders of the MIT.
MIT Chief Executive Officer Edward Muttiah said the Noho-Magae will represent the interests of the Baruni and Tata communities on the company’s board.
Last year, community representatives and MIT signed a memorandum of agreement to create a collaborative framework for the successful operation of terminal.
“This is a momentous occasion for our communities. ICTSI has shown good intent throughout our negotiations and we are proud to be partners of MIT. We are confident that global port operator ICTSI will bring industry proven best practices to Papua New Guinea, and our communities — as partners — will benefit from the opportunities stemming from the implementation of international standards,” said Motukoitabu assembly chairman Opao Udia, who is also chairman of the Tatana-Araira Development Association.
MIT said it will handle all international container and general, non-bulk cargo vessels through the international wharf at Motukea. It also committed to work closely with the community leaders to implement projects.
Christian R. Gonzalez, ICTSI senior vice-president and head of Asia Pacific, said ICTSI is “privileged and excited to have been granted the opportunity to collaborate with our host community to jointly realize the potential of the Port of Motukea as a logistics hub. This mutually beneficial goal would not be possible without the support of our host communities.”
The Razon-led company reported its net income attributable to equity holders stood at $182.14 million in 2017, one percent higher than the $180 million it booked in 2016.
This year, ICTSI has committed to spend $380 million for capital expenditures. The allocation will be used for capacity expansion in terminal operations in Manila, Mexico, and Iraq, as well as for the completion of a new barge terminal project in Cavite.
