Port operator International Container Terminal Services Inc. (ICTSI) said Monday it has formally signed a contract to operate and manage the Mindanao Container Terminal (MCT).
In a disclosure to the stock exchange, ICTSI said it signed the 25-year concession contract with current operator Phividec Industrial Authority last Friday.
ICTSI was also issued a notice to start commercial operations of the terminal within 60 days.
MCT is located in Phividec Industrial Estate in Tagoloan, Misamis Oriental, which is about 20 kilometers from Cagayan de Oro City.
It can accommodate 270,000 twenty-foot equivalent units per year. The berth length is 300 meters with depth of 13 meters below the Mean Lower Low Level.
ICTSI bagged the MCT contract last March 31, besting two other bidders Asian Terminals Inc. and the Harbour Center Port Terminal Inc.
This year, ICTSI earmarked P8.22 billion to expand its domestic and foreign ports.
The company spent a higher amount of P11.6 billion in 2007 to increase the handling capacity of its ports in Manila, Poland, Brazil and Madagascar, and to fund the purchase of new terminals.
In a disclosure to the stock exchange, ICTSI said it signed the 25-year concession contract with current operator Phividec Industrial Authority last Friday.
ICTSI was also issued a notice to start commercial operations of the terminal within 60 days.
MCT is located in Phividec Industrial Estate in Tagoloan, Misamis Oriental, which is about 20 kilometers from Cagayan de Oro City.
It can accommodate 270,000 twenty-foot equivalent units per year. The berth length is 300 meters with depth of 13 meters below the Mean Lower Low Level.
ICTSI bagged the MCT contract last March 31, besting two other bidders Asian Terminals Inc. and the Harbour Center Port Terminal Inc.
This year, ICTSI earmarked P8.22 billion to expand its domestic and foreign ports.
The company spent a higher amount of P11.6 billion in 2007 to increase the handling capacity of its ports in Manila, Poland, Brazil and Madagascar, and to fund the purchase of new terminals.