Global port operator International Container Terminal Services Inc. (ICTSI) has moved a step closer to securing the contract to build and operate a new terminal in Brunei.
In a disclosure to the Philippine Stock Exchange, ICTSI said the Sultan of Brunei Darussalam has consented to award the container terminal cargo handling operations at Pulau Muara Besar Island to the Razon-led company.
ICTSI said the award, however, is “still subject to several requirements including the negotiation of a formal memorandum of understanding between the parties.”
As terminal operator, ICTSI will be expected to provide assistance with the design of the 660-meter terminal to be constructed and after construction of the terminal undertake storage and handling of all container cargoes through the terminal under a concession agreement.
Earlier, ICTSI said it is setting aside P10 billion this year for the construction of a new multi-user container terminal at the Port of Buenaventura in Colombia as well as acquisition of new equipment.
The programmed capital budget is slightly higher than the amount spent last year of P9.9 billion which went to the expansion of operations in Manila, Poland, Brazil and Madagascar and the acquisition and rehabilitation of new terminals in Ecuador, China, Syria, Georgia, Colombia and Davao. – Zinnia dela Peña