ICTSI wins Brunei port contract

Manila: Listed International Container Terminal Services, Inc. (ICTSI) has signed a deal with the Brunei government to develop its Pulau Muara Besar cargo terminal.

In a disclosure, ICTSI told the exchange the company would help the Brunei Economic Development Board (BEDB) design, build and develop the new terminal.

ICTSI will store and handle all container terminal cargoes through the terminal.

The BEDB will award a concession contract to ICTSI or its subsidiary to operate the terminal once it is completed and ready for commercial operation, it added. It did not say when it expects to complete the port terminal. Efforts to reach company officials for comment were unsuccessful.

Earlier this month, the Sultan of Brunei Darussalam awarded to ICTSl the deal for the container terminal's cargo handling operations.

Pulau Muara Besar is located in one of the world's largest sea trading routes in Brunei and is being primed by the government to become a world- class export processing zone.

It is in the Brunei-Muara district, which is home to the largest port in the country, the Muara Port.  [29/10/08]