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International Container Terminal Services, Inc enters into a Memorandum of Understanding for a Sub-Concession Agreement in Lekki, Nigeria

International Container Terminal Services, Inc. (ICTSI) and Lekki Port LFTZ Enterprise ("Lekki Port") have entered into a Memorandum of Understanding (MoU) under which they will negotiate the terms of a Sub-Concession Agreement to develop and operate the container terminal at the sea port at Ibeju-Lekki, Lagos State, Nigeria.
Under the MOU, ICTSI and Lekki Port shall have 6 months to discuss, negotiate and agree on the terms of the Sub-Concession Agreement to provide the facilities, operations, services, and maintenance of the container terminal on an exclusive basis for a 20-year period.

The container terminal will have a quay length of 1,200 meters, an initial draft of 14.5 meters with the potential for further dredging to 16 meters, and maximum handling capacity of 2.5 million TEUs. With these features, shipping lines will be We to call with new regional standard large vessels, turning the port into a seminal destination for the West African region.
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"International Container Terminal Services, Inc enters into a Memorandum of Understanding for a Sub-Concession Agreement in Lekki, Nigeria" was written by Mary under the Business category. It has been read 1659 times and generated 0 comments. The article was created on and updated on 14 March 2012.
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