(Reuters)
Turkey’s talks with state-controlled Abu Dhabi Port (ADP) over the establishment of a joint venture for the operating rights of the Aegean port of Izmir are ongoing, two sources familiar with the matter told Reuters.
In December, Reuters reported that Abu Dhabi was interested in acquiring a stake in the operation of the port of Izmir; the deal could be worth around $500 million.
Changes in regional competition and capacity conditions have delayed the deal’s completion, two sources said, adding that negotiations are ongoing to complete the deal.
“Turkey held talks with other potential buyers but ultimately chose ADP. Changes in competition and capacity conditions have delayed the final agreement. Negotiations are ongoing,” the source said.
The second source said the port of Izmir, which began operations in 1959, has strong logistics connections but needs investment.
The Port of Izmir, which is in the portfolio of the Turkish Wealth Fund (TWF), is one of the largest ports in Turkey in terms of container volume and cargo tonnage.
In a written response to Reuters questions, the TWF said it wanted to create added value for the country and the port.
“As Turkey Wealth Fund, we continue our work for the potential benefit of our country, in line with our goal of creating the greatest possible added value for our country and Izmir Port and increasing the value of our assets,” it said.
ADP was not immediately available for comment. (Reuters)
