Following a joint investment decision of $110 million with Japanese marine transporter Nippon Yusen Kaisha (NYK Line) for the construction of the automotive-oriented Ro-Ro port, OYAK Denizcilik ve Liman İşletmeleri A.Ş has signed a loan agreement with the Japan Bank for International Cooperation (JBIC) and MUFG Bank, the investment banking branch of the Mitsubishi UFJ Financial Group.

According to the statement released by OYAK, OYAK Denizcilik ve Liman İşletmeleri A.Ş has accelerated steps for the construction of Turkey's largest automotive port.

Up to $44 million of the $110 million investment will be provided by the JBIC, while MUFG Bank will procure the remaining amount. This credit agreement is expected to lead to enhanced economic cooperation between Turkey and Japan.

OYAK General Manager Süleyman Savaş Erdem stated that they commissioned applications that would increase the efficiency, productivity and profitability of OYAK and its group companies. "We see our country's goal of being among the top 10 economies of the world as our own goal and take our steps with this vision. This agreement with the JBIC and MUFG Bank, two of the most important actors in the international financial markets, is a source of pride for us in this sense," Erdem said. "In times of global fluctuations, acting fast, agile and with flexibility is just as important as constructing the investment processes correctly. Therefore, the agreement we have signed is an indicator of trust in our country and OYAK. We will continue to carry OYAK to much better points with the goal of sustainable success."

Port construction to be completed in 2020

Erdem noted that the construction of the port would be completed in 2020 and that OYAK Port would be the center of international automotive logistics traffic.

"OYAK Port will become one of the leading ports in the world with its standards and capacity and will meet the new needs and demands created by the increasing volume of automotive exports," he added.

"This loan is expected to strengthen the relationship between OYAK Group Companies and JBIC and to enhance cooperation between the parties in order to create more opportunities for investments and exports of Japanese companies in various sectors in Turkey and around the world," the JBIC later announced in a statement.

The port, which will provide employment for approximately 500 people and serve as the gateway to the export and import of international automobile brands, is being built on an area of 235,000 square meters in the Yarımca region of the Körfez district of Kocaeli, in partnership with the NYK Line.

The port, which will serve only the automotive sector with an annual handling capacity of 780,000 vehicles, is expected to become Turkey's leading automotive-oriented Ro-Ro port.