APM Terminals have reached agreement to divest its container terminal in Izmir, Turkey to its current partner SOCAR.
As part of the sales agreement, APM Terminals will continue managing the terminal, ensuring that needs from both shipping lines and landside customers are catered for, said a press release from the company.
The sale is subject to regulatory approvals and is expected to finalize in the coming months. 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 with a capacity of 1.3 million TEU per year.
Over the last two years, APM Terminals has contributed to turn the Izmir Aliağa Terminal into the most modern container terminal in the area.
"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," said the statement.