The Philippines' largest port operator International Container Terminal Services (ICTSI) plans to invest US$600mn in expanding its operations in Argentina, Mexico and Colombia over the next two years, local paper Manila Bulletin reported.
ICTSI could have the capacity to handle as many as 1.5mn 20-foot containers in Mexico, Argentina and Colombia within two years, according to Haj Narvaez, a Manila-based Macquarie Group analyst, the report said.
The projects are part of a larger expansion plan through which ICTSI aims to improve its worldwide facilities. ICTSI previously announced it would invest US$123mn to upgrade its terminals in Brazil, Ecuador and Manila this year, the report said.
ICTSI handled 248,136 containers in 2Q10 at its operations in Latin America. Last year, the firm won a 34-year concession to build a container terminal in Mexico's Manzanillo port. In 2007, the company agreed to build a facility in Buenaventura port in Colombia and in 2008 it decided to build another at Argentina's La Plata port.
Established in December 1987 in the Philippines, ICTSI currently operates local and international container terminals in Brazil, Poland, Japan, Madagascar, Indonesia, Syria, China, Ecuador, Georgia, Colombia and Argentina.