APM Terminals acquires controlling stake in Georgian Black Sea port
APM Terminals, Maersk terminal operations unit, has announced the
acquisition of an 80 per cent stake in Poti seaport located on
Georgia's Black Sea coast. Wednesday, 27.Apr.2011, 00:28 (GMT+3)
APM Terminals, Maersk terminal operations unit, has announced the acquisition of an 80 per cent stake in Poti seaport located on Georgia's Black Sea coast.
The equity interest was purchased from Ras Al Khaimah Investment Authority of the United Arab Emirates for an undisclosed sum. The company will operate Poti seaport in a joint venture with RAKIA.
The terminal operator said in a statement that it plans to invest US$100 million over the next five years in upgrading and expanding the port facilities to boost productivity and safety. The port handled 210,000 TEU in 2010.
In addition to containers, Poti sea port handles liquid, dry bulk and ferries across a total of 15 berths, with a quay length of 2,900 metres and more than 20 cranes. The port is said to serve as a European gateway for international trade in Georgia, Armenia and Azerbaijan, and has the potential to become a future hub for Central Asia trade given its geographical location, the terminal operator said.
"The Black Sea region has a strong potential, with its skilled and industrious labour force and its mineral resources. With fast economic growth, the region's importers and exporters will require high quality port infrastructure, and so naturally it is a market in which we have great interest," said senior vice president and head of new terminals, Peder Sondergaard. "We believe we can add a lot of value to Poti sea port to generate more business."