According to the agreement, APMT will invest in constructing a new breakwater, 400m of quay wall and dredging up to 13.5m vessel draft, and PNTC will invest in building a new dry and bulk cargo facility including extensive yard area and rail connection in Poti.
The agreement is conditional on the fulfilment of certain conditions precedent, such as the obtaining necessary construction permits.
Keld Mosgaard Christensen, Managing Director of APMT Poti, said: “It is an important milestone towards reaching our ambition to develop the best-in-class logistics solution in Poti Sea Port which entails a modern dry bulk cargo facility capable to accommodate Panamax vessels and handle various cargo types on 25 hectares of the customized area. This infrastructure will make the supply chain more efficient and effective for local and regional cargo owners.”
The new dry bulk facility will be built during the first phase of the port construction project and will generate additional capacity of approximately 10 million tons for bulk cargo hugely benefiting the stakeholders and customers of the port by providing deep-water draft, enabling faster vessel turnaround, reliable and efficient services while giving rise to economies of scale.
“With an unprecedentedly substantial investment over the coming years during Phase 1 and Phase 2 in developing a new deep-water port in Poti, APM Terminals is clearly demonstrating our confidence in the sustainable future of the Georgian logistics corridor, and the continuous growth of national and regional economies that will stimulate businesses,” Christensen added.
“This will, in turn, benefit the local community by sparking significant economic development, catalysing new commercial activities and enabling hundreds of direct and indirect employment opportunities.
“The significance and positive impact of this strategic project gives us confidence for the success of this initiative, achieved by effective cooperation and coordination among multiple stakeholders, especially the Government of Georgia, whose vital support to this process is highly appreciated.”