The Georgian economy minister has confirmed the sale of the country's Black Sea port of Poti, reported Xinhua.
Georgian Economy Minister Vera Kobalia told the press that APM Terminals had purchased the lion's share of the shares of the Poti port to take over from Rakia.
APM Terminals is a Hague-based international container port operation and inland shipping company while Rakia is a company of the United Arab Emirates, which bought the Poti port in 2008 for a 49-year lease of management rights.
Local media reported earlier that APM Terminals had purchased up to 80 percent of the shares of the port.
The economy minister said that the new owner of the port would have to invest US$65 million into the further development of the port and a nearby free economic zone and to employ local people.
Georgia has two other Black Sea ports. These are Batumi and Supsa.
Georgian Economy Minister Vera Kobalia told the press that APM Terminals had purchased the lion's share of the shares of the Poti port to take over from Rakia.
APM Terminals is a Hague-based international container port operation and inland shipping company while Rakia is a company of the United Arab Emirates, which bought the Poti port in 2008 for a 49-year lease of management rights.
Local media reported earlier that APM Terminals had purchased up to 80 percent of the shares of the port.
The economy minister said that the new owner of the port would have to invest US$65 million into the further development of the port and a nearby free economic zone and to employ local people.
Georgia has two other Black Sea ports. These are Batumi and Supsa.