APMT invests in Georgia port
APM Terminals said Monday it has acquired an 80 percent share in a container terminal on the Black Sea in Georgia.
The shares were bought from Ras Al Khaimah Investment Authority (RAKIA) of the United Arab Emirates. APMT, the terminal operating arm of the A.P. Moller – Maersk Group, will operate the terminal in a joint venture with RAKIA. Financial terms of the deal were not disclosed, but APMT said is expects to invest $100 million in the project over the next five years.
The port has annual capacity of 210,000 TEUs. The investment continues APMT's drive to invest in high-growth markets.
'Poti Sea Port is the largest port in the Republic of Georgia. handling liquid and dry bulk, ferries as well as containers,' APMT said in a statement. 'It has 15 berths, with total berth length of 2,900 meters and more than 20 quay cranes. The port currently serves as the European gateway for international trade in Georgia, Armenia and Azerbaijan, and is ideally located to become a future hub for Central Asia trade.'