MANILA, Philippines - Listed firm International Container Terminal Services Inc. (ICTSI) is looking at taking over the entire operations of the Port of La Plata in Argentina.
In October 2008, ICTSI, through its subsidiary obtained a contract for the 30-year concession to build and develop in three phases a new container terminal in La Plata Port Buenos Aires Province, Argentina.
The project involves the building and operation of the container terminal with 820 meters of wharf and a container storage area and other facilities allocated in an area of 41 hectares.
The terminal is designed to service post-Panamax ships. The port and the access channel will have a depth of 34 meters.
Phase I of the project will be completed in July 2012.
Last year, ICTSI has increased its stake in its Argentinian port subsidiary by buying 10 percent from its partner to raise its total interest to 85 percent. The firm said the purchase of shares in Tecplata S.A. was made through its Uruguayan subsidiary International Ports of South America and Logistics S.A. (IPSAL)
Tecplata is ICTSI’s on-going port project located in the Port of La Plata, in Argentina. This terminal is located just outside and south of Buenos Aires and is along the River Plate.
ICTSI is spending close to $600 billion to expand its ports in Latin America, including Columbia, Argentina and Mexico.
ICTSI chairman Enrique Razon Jr. said these are very “valuable ports,” as they are in economically vibrant areas.
ICTSI also manages the Port of Buenaventura in Colombia and the Port of Manzanillo in Mexico. ICTSI currently operates local and international container terminals in Brazil, Poland, Japan, Madagascar, Indonesia, Syria, China, Ecuador, Georgia, Colombia and Argentina.