PSA-Akfen joint venture Mersin International Port Management Inc (MIP) has announced plans to spend $500 million to modernize the Mediterranean port of Mersin in Turkey.
The investment will go into projects that will be implemented during the course of MIP's 36-year concession to operate the port.
MIP officials have scheduled 75% of the planned investment to be carried out over the next 10 years in an effort to increase handling capacity to 1.7 million twenty-foot equivalent units (TEUs) from the current 640,000 TEUs.
The PSA-Akfen consortium paid Turkish state authorities $755 million to win a 36-year concession to operate the port in August 2005, but faced delays taking over operations due to objections to the privatisation.
The consortium officially took over the port from Turkish state authorities on May 11.
The investment will go into projects that will be implemented during the course of MIP's 36-year concession to operate the port.
MIP officials have scheduled 75% of the planned investment to be carried out over the next 10 years in an effort to increase handling capacity to 1.7 million twenty-foot equivalent units (TEUs) from the current 640,000 TEUs.
The PSA-Akfen consortium paid Turkish state authorities $755 million to win a 36-year concession to operate the port in August 2005, but faced delays taking over operations due to objections to the privatisation.
The consortium officially took over the port from Turkish state authorities on May 11.