ICTSI awarded 30-year port concession in Croatia

By Hector Pascua, ABS-CBN Europe News Bureau

Posted at Mar 11 2011 10:47 AM | Updated as of Mar 12 2011 05:32 AM

VIENNA, Austria - Philippines' International Container Terminal Services Inc. (ICTSI) was awarded the contract to develop and operate the Adriatic Gateway Container Terminal (AGCT) in Croatia’s Port of Rijeka, the Philippine Embassy in Vienna reported.  

ICTSI bested 4 other bidders, which included TCB Group of Spain, DP World of Dubai, APM Terminals and HHLA of Hamburg.
The signing of the contract of agreement was done on March 5, 2011 at the Governor’s Hall of the City of Rijeka, Croatia.

Manuel Fernandez, ICTSI Senior Vice President for Europe, Middle East and Africa, and Denis Vukorepa, President Management Board of Luka Rijeka, signed the said agreement.  

Christian Gonzalez, ICTSI Vice-President for International Operations, represented Enrique Razon, Jr., ICTSI Chairman and President.
Philippine Ambassador to Austria, Croatia, Slovenia and Slovakia, Lourdes Yparraguirre, witnessed the signing of contract between ICTSI and the Port Authority of Rijeka.

Ambassador Yparraguirre welcomed the new partnership between ICTSI and the Port of Rijeka as a major boost to enhancing bilateral relations between the vibrant economies of the Philippines and Croatia.

Other high ranking officials of the Croatian government also witnessed the signing ceremony.  
The agreement includes a 30-year strategic partnership for the management and operations of AGCT. As part of the transaction, ICTSI purchased a 51% stake in AGCT.

With its Croatian partner, ICTSI also plans to invest in excess of 70 million euros during the initial phase of the concession, to include the introduction of new super-Post Panamax crane and comprehensive vessel loading and container terminal management systems.
ICTSI is a leading port management company involved in the operations and development of 22 marine terminals and port projects in 17 countries worldwide. The company was among the first international terminal operators to take its expertise overseas and has received significant acclaim for its global operations. ICTSI has its main office in the Philippines
The Port of Rijeka is the largest port in Croatia handling a wide variety of cargo such as ore, timber, grain, phosphate, and crude and refined petroleum products. It has the potential to become a regional logistics hub, since its location offers easy access to landlocked Central and Southeastern European markets such as Vienna, Budapest and Bratislava.