APM Terminals Expands into Eastern Black Sea Port
APM Terminals Poti in Georgia is Europe’s newest gateway to the Caucasus and Central Asia, projected to be among the pace-setters ineconomic development and trade growth. Poti, Georgia – In line with APM Terminals investment strategy in high growth markets, the company has announced the acquisition of an 80% share in Poti Sea Port, which is located on Georgia’s Black Sea coast. The shares have been bought from Ras Al Khaimah Investment Authority (RAKIA) of the United Arab Emirates.
Shipbuilders See More Growth with Oil Price Rise
The Korea Times reported that shipbuilders who were enjoying solid sales have also secured an additional growth engine for further expansion rising oil prices. With oil prices hitting record highs, offshore oil exploration has picked up, leading to strong demand for drilling rigs and for the conversion of oil tankers into floating-production, storage and offloading (FPSO) vessels. The unit price of Dubai crude oil, South Korea’s benchmark, rose to a record high of $71.13 in August, an increase of $1.64 from a month earlier, according to data from the National Statistical Office (NSO). The statistics agency added that it is the first time for oil import prices to exceed $70 a barrel. Industry sources said oil prices have quadrupled since 2002.