Ultra bilyonaryo Ricky Razon is seeking to extend International Container Terminal Services Inc.’s (ICTSI) contract in Karachi Port in Pakistan.
Pakistan International Container Terminal (PICT), a subsidiary of ICTSI, is currently in discussions with the Karachi Port Trust (KPT) to amend the terms and conditions of its contract.
PICT’s 21-year contract is expected to expire in 2023.
PICT reached 10 million twenty-foot equivalent units (TEUs) last year and it accounts for five percent of ICTSI’s total volume.
Aside from Pakistan, ICTSI is currently seeking to renew its contract in the Port of Gdynia which will expire in May 2023.
Last December, ICTSI signed an agreement extending its contract to operate the Port of Toamasina, Madagascar for another 15 years until October 2040. ICTSI has held the concession since 2005.