Chinese consortium buys port in Turkey

kumportCOSCO has entered a joint venture with two state-owned enterprises, namely the shipping firm China Merchants Holdings International and CIC Capital to buy 65% of Kumport Terminal in the Port of Ambarli from Fina Liman Holding for $940 million. The remaining 35% equity interests is held by State General Reserve Fund in Oman.

Kumport is the third largest container terminal in Turkey and is located within the Ambarli Port Zone on the northwest Marmara Sea, which is on the European side of Istanbul, the capital of Turkey, and an important strategic location at the junction in the Eurasian region. The terminal is only 35 km away from the Bosphorus Strait, a gateway to the Black Sea region where all routes into the Black Sea must pass through. The 6-berth terminal currently has a shoreline of 2,180 metres and maximum water depth of 16.5 metres, which is capable of accommodating the world‘―s largest container vessels currently.

Source: China Merchants Holding International