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pub_date:700K TEU container terminal expected to be completed in 18-24 monthsA NEWLY formed Filipino- Singaporean joint venture (JV) has begun building a container terminal in the port of the coastal city of Buenaventura, Colombia, to cash in on the country's burgeoning demand for trade and logistics.迷你倉Estimated to cost US$180 million, the terminal pulls together Manila- listed International Container Terminal Service, Inc (ICTSI) and the Port of Singapore Authority (PSA).Through their subsidiaries, ICTSI and PSA recently signed an agreement to jointly develop, build and run the terminal and its ancillary facilities in the port of Aguadulce in Buenaventura.Based in Manila, ICTSI is behind the development and operations of 27 marine terminals and port projects in 19 countries worldwide.PSA is a leading global port group with projects across Asia, Europe and the Americas, and flagship operations in Singapore.The agreement entails PSA's investment, through its unit PSA International Pte Ltd, in Sociedad Puerto Industrial Aguadulce SA (SPIA), an indirect subsidiary of ICTSI.SPIA holds a 30-year concession for the Aguadulce port project granted by the Agencia Nacional de Infraestructura of Colombia. It also owns 225 hectares of land in Aguadulce.Under the terms of the agreement, ICTSI's wholly- owned subsidiaries Kinston Enterprises Corporation and Future Water SA agreed to the purchase by PSA Colombia Pacific Pte Ltd, a wholly-owned subsidiary of PSA, of SPIA shares representing 45.64 per cent of SPIA's issued and outstanding share capital.mini storagepon completion of the agreement, ICTSI and PSA, through their respective subsidiaries, will jointly own 91.28 per cent of the issued and outstanding share capital of SPIA.?ICTSI and PSA also agreed to work jointly towards the success of the Aguadulce port project.The container terminal they develop will have an annual capacity of 700,000 TEU (twenty-foot equivalent units).Construction, which started last November, will be completed in one-and-a- half to two years.The container terminal, expected to help handle Colombia's expanding trade, will have its own access road to ease congestion in the port.ICTSI chairman and president Enrique K Razon Jr said: "We are excited about the prospect of working with PSA to develop a terminal that we know will be key to Colombia's trade growth."He said PSA and ICTSI share the same aspirations for Aguadulce Port, and added that both parties are confident and look forward to the success of their collaboration.An ICTSI statement also quoted PSA Group's chief executive Tan Chong Meng as saying: "We are delighted to partner with ICTSI and co-invest in the Aguadulce port project."He noted that ICTSI and PSA will bring their complementary strengths to the table to ensure that this greenfield terminal will support the growing demand for trade and logistics in Colombia amid the improving business environment in the region.ICTSI also runs container terminals in Poland, Brazil, Madagascar, Indonesia, Syria and Japan, and recently signed contracts to operate container terminals in the port of Guayaquil in Ecuador.self storage