Philippines’ ICTSI investing $225m in Nigeria port project

13-Aug-2012 Intellasia | foxbusiness | 7:01 AM

Philippine-based port operator International Container Terminal Services Inc. (ICT.PH), or ICTSI, said Friday it plans to invest $225 million to provide cargo handling equipment and information technology infrastructure at Lekki container terminal in Tolaram Port that’s being developed in Lagos, Nigeria.

ICTSI said it signed with Lekki Port LFTZ Enterprises a sub-concession agreement for exclusive development and operation of the Lekki international container terminal for a period of 21 years.

The facility, which will be fully operational in 2016, will have a 1,200-metre quay and an annual capacity of 2.5 million twenty-foot equivalent units.

“This new concession will reinforce ICTSI’s presence in Africa and sets the standard for infrastructure developments in Africa,” said ICTSI Chair Enrique Razon in a statement.

ICTSI operates 24 marine terminals in 17 countries, with 5.2 million TEU throughput. Its international operations include a port in Madagascar.

http://www.foxbusiness.com/news/2012/08/10/philippines-ictsi-investing-225 million-in-nigeria-port-project/