Poti is to benefit from a promised $100m of investment after Ras Al Khaimah Investment Authority (Rakia) sold an 80% stake in the port to APM Terminals.
Peder Sondergaard of APMT told Port Strategy that Poti, which will be the operator’s first Black Sea venture, has the twin features of size and potential, wrapped up with a good sized land footprint.
“Poti already has a large market share but we think it could further develop a cargo route destined for Azerbaijan – as well as other countries in the region. And there is the possibility of getting cargo into the western part of Central Asia.”
Four years ago, the Georgian government agreed that Rakia would develop Poti port and free industrial zone. Although APMT will run the 100 ha, 15 berth multi-use port, Rakia will keep the associated industrial zone (which sits on another 300 ha of land) and 20% of the port’s shares.
