ICTSI to develop new Buenaventura container terminal

ICTSI to develop new Buenaventura container terminal    International Container Terminal Services Inc. has completed an agreement to develop a new $180 million container terminal at Buenaventura, Colombia.
   According to reports from the American Association of Port Authorities and the Philippine Star, Philippines-based ICTSI has reached an agreement to acquire Sociedad Puerto Industrial de Aguadulce, a Colombian company that controls the rights to develop a 560-acres site on the Aguadulce Peninsula. The site is across the channel from the terminal operated by Sociedad Portuaria Regional de Buenaventura SA.
   The reports said ICTSI will build a multipurpose container terminal with a capacity to handle 700,000 twenty-foot equivalent units (TEUs) of containerized cargo a year. Construction is scheduled to begin this November, and officials expect the terminal to be operational in 18 months to 24 months.
   Buenaventura is on the Pacific Coast of Colombia. ICTSI earlier this year obtained a 20-year concession to manage and operate the terminals at the Port of Guayaquil in Ecuador.