Philippines-based International Container Terminal Services (ICTSI) is investing $130 million in Umm Qasr port, according to a report from Reuters.
The Manila-based port management company signed a contract with General Company for Ports of Iraq involving the container facilities at Umm Qasr; it will operate, develop and expand the port.
The three-stage project involves constructing three quays that can handle a cargo of 1,500 containers, in addition to storage yards and installation of six gantry cranes, two for each phase.
Sharif al-Battat, commission manager at ICTSI, said: “The estimated cost of the project is $140 to $150 million for each stage. Each stage involves construction of a quay and a 200,000 square metre yard opposite to store containers and machinery, which are used to load and unload vessels.
“Within the first phase of the project, a 200-meter long quay has been completed and God willing, it will be operational on August 1 with the arrival of the first vessel and the second will be completed within the coming two years.”
ICTSI will also build a new container and general cargo terminal in the port for a 26-year concession period, and provide container and general cargo terminal services.
According to the head of media relations at Iraqi Ports Company, Anmar al-Safi, the three-phase project will lead to a shipment capacity of three million containers.
The first quay should be operational by August.