PACE Group is progressing with the development and construction of a new marine terminal at the port of Poti in Georgia.
PACE, which operates eight berths and a terminal at the port, received a USD50 million funding boost from the Overseas Private Investment Corporation (OPIC) for the project in February of this year.
Plans for the project include the development of 25 ha of land, dredging of the harbour up to a depth of 12 m and the capacity to increase the port’s cargo throughput by 2.5 million tonnes. The result will be a terminal capable of accepting vessels measuring up to 253 m in length with a load capacity of up to 50,000 tonnes, said PACE.
The total cost of the project is USD120 million.