While negotiations for a joint venture with Abu Dhabi Ports (ADP) to operate the İzmir Alsancak Port, which is under the Turkey Wealth Fund, are ongoing, it is stated that competition and capacity conditions in the region have been influential in the delay of a final agreement.
According to information reported by T24 from Reuters, sources close to the matter indicate that in the talks, which have been continuing since last year, it is planned for the İzmir Port and ADP, the port operating company belonging to the emirate of Abu Dhabi, to become partners in a newly established joint company.
It was noted that a source with knowledge of the subject said, "Other potential buyers were also consulted, but discussions are continuing with ADP. Factors such as changing competition and capacity conditions in the region have been influential in the delay of the agreement. Negotiations are ongoing."
Another source stated that while the port has strong logistics connections, it is in need of investment due to being an old port.
OPENED FOR SERVICE IN 1959
İzmir Port, which began operations in 1959 and functions as both a cargo and passenger port, is among Turkey's major ports in terms of container volume and cargo tonnage.
In a statement to Reuters regarding the matter, the Turkey Wealth Fund said, "As the Turkey Wealth Fund, we continue our work for the potential benefit of our country, in line with our goal of creating the highest added value for our country and the İzmir Port, and increasing the value of the assets within our portfolio."
ADP had not yet made a statement at the time this report was written.
News Source: 12punto
