MANILA - Port giant International Container Terminal Services Inc. (ICTSI) is pursuing its investments in Iraq despite mounting tensions in the region.
ICTSI vice president and treasurer Rafael Consing Jr. said in a text message that the company is pursuing its investments in the Port of Umm Qasr in Iraq.
“ICTSI is in the process of implementing our project at the southern port of Umm Qasr. Umm Qasr is about 600 kilometers away from trouble spots and presently enjoys a stable security environment,” Consing said.
Militants from the Islamic State of Iraq and the Levant seized three towns in Iraq’s western Anbar province.
“We continue to monitor the situation and plan our investments accordingly,” he added.
Last April, ICTSI announced it was pouring in $130 million to operate, develop and expand container facilities at the Port of Umm Qasr in Iraq.
ICTSI (M.E) JLT signed a contract with General Company for Ports of Iraq (GCPI) last April 8 for the construction and operation of three new quays and management and operation of Quay No. 20 in the Port of Umm Qasr.
ICTSI is investing $100 million for Phase 1 of the expansion project that would involve a 200 meters of quay with an estimated capacity of 300,000 twenty foot equivalent units (TEUs).
When fully developed within two years after the signing of the contract, the facility would have 600 meters of quay with an estimated capacity of 900,000 TEUs.
ICTSI is spending another $30 million for the rehabilitation of the Berth 20 terminal.
Umm Qasr is the largest port in Iraq and the main gateway to the Iraqi market handling liquid and dry bulk, general cargo and containers.
The port has 21 berths, with total berth length of 5,000 meters with a container throughput of 500,000 TEU in 2013.