THE INDEPENDENT Public Business Corporation (IPBC) has handed over the Lae Tidal Basin Port to Papua New Guinea Ports Corporation Limited (PNGPCL).

IPBC managing director Wasantha Kumarasiri and PNGPCL chief executive officer Stanley Alphonse signed a memorandum of agreement (MOA) in April, signifying the handover of the port to PNGPCL as phase 2 of the project commences.

Mr Alphonse said PNGPCL was looking forward to operating the por.

“In as far as possible we will devise an operations model of that port which will conform with international best practice in port and terminal management,” he said.

“At the same time we will ensure compliance requirements including of course any related covenants and obligations will be fully adhered to.”