Lekki Port Enterprise, ICTSI ink MoU for Lekki port in Nigeria
Wednesday, March 14, 2012
Singapore - Lekki Port LFTZ Enterprise (LPLE) and International Container Terminal Services, Inc. (ICTSI) have signed a Memorandum of Understanding (MoU) for the operation of the container terminal of Tolaram Port@Lekki.
ICTSI has been selected as the preferred operator for a sub-concession to equip and operate the container terminal on an exclusive basis for a 20 year period, following a Request for Proposal process. The MoU will serve as a framework for a definitive and formal sub-concession agreement.
Slated for completion by 2016, this visionary project the largest of its kind in Sub-Saharan Africa is promoted by the Tolaram Group in partnership with the Nigerian Ports Authority (NPA) and the Lagos State Government (LASG).
Tolaram Port@Lekki, set within the Lagos Free Trade Zone, is strategically located 65km east of Lagos and will comprise a container terminal, a dry bulk terminal and a liquid bulk terminal with a total quay length of 1,500 meters.
Given its proximity to Lagos, the facility is well connected to industrial and consumption centres of Nigeria.
The container terminal will have a handling capacity of 2.5 million TEUs with a quay length of 1,200 meters an initial draft of 14 meters with the potential for further dredging to 16.5 meters upon completion. These features enable the facility to allow shipping lines to call with larger vessels to make the port into the preferred destination for the West African region.
It is envisaged that LPLE shall be responsible for design and civil works with a projected investment of more than USD 1 billion. ICTSI shall subject to execution of a definite sub-concession agreement, provide state-of-the-art equipment and IT infrastructure, and be exclusively responsible for container operation during the term of the sub-concession in line with global standards.
“ICTSI is excited at having been nominated the preferred bidder for this prestigious project that will further enhance Nigeria’s position on the regional and global maritime map,” says Enrique K. Razon Jr., ICTSI Chairman.
“The port project will be our largest investment to date and reflects our confidence in the Nigerian economy. Our belief and studies have shown that this infrastructure investment will result in significant multiplier benefits for the country’s future and catalyze the industrial development of this region. It is, by far, the largest infrastructure investment by a Singaporean company in Nigeria,” says Haresh Aswani who is both Tolaram Group’s Managing Director in Nigeria and Singapore’s Honorary Consul-General to Nigeria.
“The Lekki container terminal will provide a quality alternative to container handling facilities in the region, dramatically improving Nigeria’s international connectivity and its supply chains,” confirms Jens O. Floe, ICTSI Senior Vice President for Africa.
“Our facility in Lekki, given its location within West Africa’s largest market, has strong potential to emerge as the region’s dominant transshipment hub,” Mr. Floe added.
Nigeria’s size and profile, strong GDP growth and double-digittrade expansion have made the development of the Nigerian maritime infrastructure one of the key priorities of the NPA and the LASG. Tolaram Port@Lekki project is an excellent example of a successful public-private partnership (PPP), and could well turn into a role model for infrastructure development across Africa.
Publicly, the project has received strong support from all levels of the Nigerian Government, both Federal and State. The decision to approve the project is an affirmation of the Government’s commitment to develop the economy through PPP initiatives. The NPA and LASG have committed to work closely with LPLE to ensure the timely completion of the project.
It is such proactive initiatives by the Government that have made Nigeria one of the most attractive investment destinations, not only within Africa but also worldwide.
About Lekki Port LFTZ Enterprise
The Tolaram Port@Lekki will be a world class, modern multi-purpose port that will serve not only Nigeria but also its neighboring countries.
In April 2011, a major milestone was achieved with the Master Concession being signed between Nigerian Ports Authority and Lekki Port LFTZ Enterprise in Lagos, Nigeria.
The port will be built over 90 hectares of land in the heart of the Lagos Free Trade Zone, just 65 km east of Lagos.
The development and layout of Tolaram Port@Lekki takes into account both the physical and economical critical considerations. These include factors such as the natural port area, the equatorial climate and the environmental conditions as well as the types of cargo to be handled and the projected nautical vessel volumes to be handled.
In order to provide berthing for larger vessels, which is the growing global trend in the containership sector, Tolaram Port@Lekki will be equipped with the best infrastructure, equipment and terminal services to attract and maintain large volume shipping line customers. Facilities at the port will include well-designed marine infrastructure and container, dry bulk and liquid terminals, making it a truly multi-purpose port.
Features
1.5 km long breakwater
6 km long approach channel with 14 m draught
670 m diameter turning circle
1.5 km long quay wall
Three container berths of 8,000 TEU vessels
One 45,000 DWT liquid bulk berth
One 75,000 DWT dry bulk berth
More information at www.lekkiport.com
About Tolaram Group
Singapore based Tolaram Group has grown to become a multinational group over the course of the last 60 years. Tolaram Group has operations in 5 other countries: Nigeria, Estonia, Indonesia, Ghana and India. The Group’s portfolio now includes manufacturing, marketing & distribution, power transmission services, logistics and real estate. The Group currently employs over 8600 people. In 2011, the Group had a turnover of USD 650 million.
Tolaram Group has had operations in Nigeria since 1977. Currently, the Group employs over 6100 people in Nigeria.
Business interests in Nigeria include:
• Manufacturing, marketing and distribution of instant noodles, floor coverings, chemicals, dyestuffs and printing inks.
• Technical services/ projects in power transmission & distribution sector.
• Road modal logistics.
• Importing, sales and servicing of office automation products and medium & heavy commercial vehicles.
• Infrastructure projects.
The Group’s longstanding history in Nigeria makes them the ideal partner for such a venture. Tolaram Group has always been a pioneer when it comes to its business ventures.
More information at www.tolaram.com
About International Container Terminal Services Inc.
International Container Terminal Services, Inc. (ICTSI) is in the business of acquiring, developing, managing and operating container ports and terminals worldwide.
With a portfolio of 22 marine terminals in 17 different countries, ICTSI has become a leading operator, innovator and pioneer in the field of operations in emerging markets, serving all global shipping lines.
After consolidating and strengthening the base and flagship operations at the Manila International Container Terminal in the Philippines, they realized the potential for an independent international terminal operator like ourselves, and launched an aggressive international and domestic expansion program in 1994.
ICTSI is consequently perusing its growth strategy and set another milestone as operator for the future key facility in Nigeria and West Africa. Currently ICTSI is operating 23 marine terminals with a throughput of 5.2 million TEU annually. Recently published annually results showed an increase in revenue by more than 25 percent compared to 2010.
The track record confirms ICTSI’s ability to rapidly adapt to different operating environments, and to add substantial value due to specialized experience in growth markets, enhancing efficiency at every level.
ICTSI has the proven aptitude to perform beyond the expectations of central and regional governments of a privatization process, spanning both developed and emerging economies all this resulting in a sound financial performance, with over USD660 million revenue in2011.
The enterprise is currently pursuing an active program to acquire new terminal concessions in Asia, Australia, the Indian Subcontinent, the Middle East, Africa, Europe and the Americas.
More information at www.ictsi.com http://www.ictsi.com/media_relations.aspx?content=1&p_id=2&news_id=1188&paging=1&archive=0 [img] http://i42.tinypic.com/51sppz.jpg[/img] [img] http://i44.tinypic.com/iciz43.jpg[/img] [img] http://i41.tinypic.com/2dvlg7k.jpg[/img] |
