Manila-based ICTSI has finalised agreements to build a US$180 million 700,000-TEU per annum container terminal at the Pacific coast Port of Buenaventura, Colombia as well as acquire Sociedad Puerto Industrial de Aguadulce (SPIA), reports The Philippine Star.

SPIA is a Colombian company with the right to develop the 225 hectares it owns in Aguadulce Peninsula across the channel from the Port of Buenaventura. Construction begins in November and is expected to be completed within two years.

ICTSI operates container terminals here and in Poland, Brazil, Madagascar, Indonesia and Japan. Last year, it won a 10-year concession to operate the Tartous Container Terminal in Syria.