Maersk’s APM Terminals has reached agreement to divest its container terminal in Izmir, Turkey to its current partner State Oil Company of Azerbaijan Republic (SOCAR).
As part of the sales agreement, APM Terminals will continue managing the terminal. In the new structure, operating company Petlim will be fully owned by SOCAR Turkey, and managed by APM Terminals.
The terminal, to be named Petlim Container Terminal, located in Aliağa, is the largest container terminal in Turkey’s Aegean region, and the third largest in Turkey, with a capacity of 1.3 million TEU per year.
“We believe that SOCAR will further develop the terminal which has not only achieved excellent safety standards, but also the highest berth productivity in the area,” APM Terminals said announcing the deal.
The sale is subject to regulatory approvals and is expected to finalize in the coming months, reports World Maritime News.