APM Terminals have reached an agreement to divest its container terminal in Izmir, Turkey to its current partner SOCAR.
In the new structure, operating company Petlim will be fully owned by SOCAR Turkey, and will continue to be managed by APM Terminals.
The terminal, which will be named Petlim Container Terminal, is the largest container terminal in Turkey’s Aegean region with a capacity of 1.3m teu per year.
The sale is expected to be finalised in the coming months.
“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 in a release.