MSC snaps up shares in Turkey’s Socar Terminal: Italian shipping giant Mediterranean Shipping Company (MSC) inked an agreement with Socar Türkiye, a subsidiary of the State Oil Company of the Azerbaijan Republic (Socar), to become a shareholder of Socar Terminal in Turkey’s Izmir on the Mediterranean, according to a statement. The size of the stake and the transaction were not disclosed.

The rationale: The agreement will see the pair partner on boosting investments in equipment, tech, and digitalization at the terminal in a bid to increase capacity and operational efficiency. TIL will leverage its shipping network and expertise to cap waiting times at the port, according to Azerbaijani outlet Baku WS.

TIL has its fair share in the region: Marsa Maroc inked an agreement with TIL earlier inFebruary to split ownership of Morocco’s Nador West Med Eastern Container Terminal. The agreement was set to grant TIL 49% ownership of the subsidiary owning the terminal. KSA’s King Abdullah Port is TIL’s most prominent MENA project — and the Kingdom’s largest transhipment port and second-largest handling facility, according to TIL’s website.

About Socar Terminal: The container terminal — the largest in the Aegean region — spans some 420k sqm with a 16-m depth and 30k-sqm back area. It is capable of handling next-generation ULCS-class vessels, accommodating ships weighing up to 165k DWT and handling vessels with a capacity of up to 18k TEUs, according to its website.

The latest from Socar: Syria’s Energy Ministry inked an MoU with Socar earlier in July to import gas to Syria through Turkey, mainly for use by power plants in Aleppo and Homs — a supply expected to generate around 1.2-1.3k MW of electricity. AD Ports subsidiary Safeen Group also signed an MoU with Socar to cooperate with Azerbaijan’s maritime and shipping sectors back in 2023.

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