The State Oil Company of Azerbaijan (SOCAR) and Mediterranean Shipping Company (MSC), the world's largest shipping company, have signed a strategic cooperation agreement, SİA informs, citing SOCAR.
The signing ceremony was held in Baku. The parties aim to strengthen Türkiye's position in the global supply chain through joint investments in the SOCAR Terminal, the largest container port in the Aegean region.
According to the agreement, Terminal Investment Limited (TIL), a subsidiary of MSC and a global terminal operator, will become a shareholder in SOCAR Terminal.
The cooperation will ensure the integration of SOCAR Terminal into TIL's extensive global network. As a result of new equipment and technological investments, the terminal will increase its existing capacity, improve operational efficiency, and achieve significant accomplishments in digitalization, sustainability, and infrastructure development.
The SOCAR Terminal has strategic importance for both regional and global trade with its 700-meter continuous berth, 16-meter depth, 420,000 m² port area, and 30,000 m² back area. Capable of accommodating new generation large ULCS class vessels, the terminal can handle several main vessels simultaneously, minimizing waiting times.
Operating with the port of the future concept, SOCAR Terminal applies the highest occupational health and safety standards, maintaining its leading position in the industry through investments in digitalization and technology. Additionally, it builds a sustainable business model by reducing its carbon footprint, investing in renewable energy sources, and increasing energy efficiency.
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