Georgia’s PACE Group, which is the largest transportation company in the country, has launched the construction of a new terminal near the country’s eastern Black Sea coast, the Georgian press has reported.
The project’s total costs are estimated at 60 million US dollars, with the Overseas Private Investment Corporation (OPIC) providing 50 million US dollars of the total budget, making the terminal’s construction the largest investment the company has made in the Caucasus region.
“Located over 25 hectares, the new terminal will require dredging work to take place in the harbour to a depth of 12 metres, which will result in the sea port being able to accept vessels up to 253 metres in length and with a load capacity up to 50,000 tonnes,” wrote agenda.ge, quoting PACE Group’s statement, adding that cargo turnover is expected to increase by 2.5 million tons from the current three million tons once construction is completed.
The joint Georgian-US company also said that after the construction of a breakwater structure at the north of the port, the increased level will make the terminal able to host larger trade vessels carrying up to 60,000 tons.
Speaking at the construction site on October 1, Georgia’s infrastructure minister, Maia Tskitishvili, called the project historic, noting that the investment will create some 500 jobs.