April 5, 2018 / 8:06 AM / 3 months ago

OYAK, Japan's NYK to build $110 mln port in northwest Turkey

ISTANBUL, April 5 (Reuters) - Oyak, the Turkish military’s pension fund, will build a port with Japan’s Nippon Yusen (NYK) in northwest Turkey with an investment of $110 million that will be focused on serving the automotive sector, the company said on Thursday.

At a news conference to announce the project, Oyak General Manager Suleyman Savas Erdem said the port would be at Yarimca in the Kocaeli region and would have capacity to serve 780,000 vehicles, rising to 1 million.

The port will be 55 percent owned by Oyak with the remainder owned by Nippon Yusen, Erdem said. Construction will begin this year and the port will enter service in 2019, he said. (Reporting by Can Sezer; Writing by Daren Butler; Editing by David Dolan)

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