In this month’s issue of Investor.ge I reported on a couple of bits of news — first, the transfer in owner ship of Georgia’s main cargo port, Poti.
Flipping the Poti port has been one of the government’s major development goals, and is a key to increasing Georgia’s potential as a logistics and transit hub for East-West goods trade. APM Terminals, a subsidiary of the Maersk Group bought the port earlier this year and it says it has already begun to assess its renovation plans aimed at increasing its safety, efficiency and cargo capacity.
All good news, but they have a long way go to. Read more below.
Since acquiring an 80 percent share of the Poti port earlier this year, APM Terminals now plans to invest $100 million on upgrading the port facilities, and is eyeing additional investment projects in the region, company officials said.
APM Terminals, part of the Moller-Maersk Group, announced that it had acquired an 80 percent share of the Poti Sea Port in April, and officially took over from UAE-based RAKIA, in May.
APM Terminals’ Senior Vice President and Head of New Terminals, Peder Sondergaard, said APM intends to “add value” to the port, meeting the demand for a “high-quality port infrastructure in the Black Sea.” In the same press release, he also said APM would be investing $100 million in the port facilities over the next five years.
RAKIA continues to operate the Poti Free Trade Zone (FTZ), which occupies about 100 hectares adjacent to the port. RAKIA, which bought the zone in 2008, hopes to develop it into a major logistics and industrial center, pledging a $200 million investment.
APM Terminals’ Vice President for Business Development, Hans-Ole Madsen said in an interview with Investor.ge that the first stage of APM’s development plan has already begun, with engineers surveying the port’s existing equipment and determining which terminal cranes will be updated and which will be scrapped.
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