ICTSI eyes more ports in Latin America

MANILA, Philippines - Port tycoon Enrique Razon Jr. is looking at more expansion opportunities around the globe and may close a few more port deals in Latin America before the end of the year. 

“In Latin America, we’re looking at one or two things right now,” Razon said in an interview on the sidelines of the World Economic Forum on East Asia.

“We’re looking at a number of other opportunities in the European Union and we’re also looking at other things in the Middle East. We just secured Iraq. We’re looking at other areas in the Middle East. We have a project in Nigeria,” Razon added. 

Razon owns International Container Terminal Services Inc. (ICTSI), which runs 30 ports in 19 countries, from Manila to Madagascar.

He said normally, his company seals only one expansion a year but now they have already done three this year.

“We don’t control the timing. It’s the governments who act and we (take) the opportunities,” he said.

Early this month, the listed company told the Philippine Stock Exchange a 26-year expansion and operations contract for the Port of Melbourne, the largest container terminal in Australia, a project that would require investments of $508 million.

In April, the company signed a contract with the General Company for Ports of Iraq to operate, develop and expand the Port of Umm Qasr for a 10-year period.

In the Philippines, ICTSI is also planning to expand its Davao port.

“In Davao, we have an expansion,” he said.