Pace Group, a Georgian-American shipping company, has unveiled its new multifunctional maritime terminal in the Georgian port of Poti on the Black Sea.
According to the Pace Group, the project, with an estimated total value of $120 million, is expected to handle an additional 2.5 million tonnes of cargo annually, nearly doubling the company’s current annual revenue of three million tons.
The construction of the terminal started in 2020 with current investments amounting to 93 million USD. The US federal government has supported financially the project, thanks to a loan of 50 million dollars issued by its International Development Finance Corporation.
During an official opening ceremony, held on January 29, Prime Minister Irakli Garibashvili hailed the terminal as “an extremely important project for the region”.
Speaking about the importance of US financial assistance, the Prime Minister stressed that it indicates the interest of foreign investors in Georgia, as the country with the greatest transit and transport potential in the region.
US Ambassador Kelly Degnan, who also attended the ceremony, called the project a “great achievement” for Georgia, as well as for US-Georgia cooperation.
Ambassador Degnan said the new terminal provides “a great opportunity for Georgia to achieve its goal of becoming an East-West hub, bringing goods from Central Asia through Georgia to Europe.”
The project was envisaged to cover 25 hectares in area and deepen the port to 12 meters, which allows the docking of ships up to 50,000 tons.
Founded in 1992, PACE Group is Georgia’s largest transportation company employing over 1,000 people, spanning shipping agencies, brokerage, logistics, container services, berth operator companies and terminals. In the port of Poti, the Group operates eight port quays and the Pace terminal.