International port terminal operator Terminal Investment Limited (TiL), part of Mediterranean Shipping Company (MSC) Group, will become a shareholder of SOCAR Terminal, according to a statement from the State Oil Company of the Azerbaijani Republic (SOCAR), as per Interfax.
SOCAR Terminal is the container terminal of SOCAR in Turkey. This is stipulated by a strategic cooperation agreement signed by SOCAR and MSC on Tuesday in Baku.Joint investment in SOCAR Terminal, the largest container port in the Aegean region, will contribute to strengthening Turkey’s position in the global supply chain, the parties said during the signing ceremony.”The cooperation will ensure the integration of SOCAR Terminal into TiL’s extensive global network. Through new investment in equipment and technology, the terminal will increase its capacity, improve operational efficiency and achieve significant progress in the areas of digitalization, sustainable development and infrastructure,” the parties said.In early August, SOCAR Terminal CEO Uygun Degirmenci said in an interview with the Turkish newspaper Dunya that SOCAR is not considering selling its container terminal in Turkey (SOCAR Terminal) and instead has decided on additional investment for its development.
The planned investment will make it possible to increase the terminal’s equipment capacity from 600,000 twenty-foot equivalent units (TEU) to 1 million TEU per year, he said. The company is also exploring cooperation opportunities to expand its terminal activities, “joining forces with strategic partners,” he said.SOCAR Terminal is the largest container terminal in the Aegean region. It features a continuous quay line of 700 meters with a depth of 16 meters, a port area of 420,000 square meters, and a back-up area of 30,000 square meters. The terminal can accommodate new-generation large ULCS-class vessels and simultaneously handle several main vessels, significantly reducing waiting times. In 2024, the terminal served 630 vessels and handled 541,100 TEU containers. The total investment by SOCAR in the project amounted to $133.6 million.The container terminal was commissioned in two stages, in December 2016 and August 2018. Its throughput capacity is 1.5 million TEU per year. Currently, 100% of the shares of SOCAR Terminal are owned by SOCAR Turkiye Enerji, SOCAR’s Turkish subsidiary.
Earlier this year, SOCAR Terminal acquired 93.47% of the shares of Petlim Limancilik Ticaret A.S., established in November 2010 to develop the port of the Petkim petrochemical complex in Turkey, which was founded in 1985.Mediterranean Shipping Company is a global leader in global container shipping. Its headquarters is located in Geneva.Terminal Investment Limited is a leading global container terminal operator. The company, owned by the family of Italian billionaire Gianluigi Aponte, was founded in 2000. TiL owns container terminals strategically located in key ports on major sea routes, providing access to key developed and emerging markets. It has a significant presence in some of the world’s busiest container ports by volume, including Singapore, Ningbo, Busan, Los Angeles, Long Beach, Rotterdam, Antwerp, New York/New Jersey and Valencia.
Source: Reuters