Turkey Maritime Operations Inc. The contracts with a duration of less than 49 years, which were signed as a result of the transfer or privatization of some ports to the General Directorate of State Railways of the Republic of Turkey, were extended to 49 years.
The Law extending port contracts was published in the Official Gazette. In addition, in the Law published, there are decisions to increase the treasury borrowing limit and to BOTAŞ. You can find the relevant law here.
Conditions for Contract Extension
The operating companies must have fulfilled all their financial obligations due to the contract. He must waive all lawsuits brought under the contract. In addition to the investment commitments in the contract, 10 percent of the contract value and within 5 years must be invested in port activities. At the end of the 5-year period, the proof of their investment is presented to Türkiye Denizcilik İşletmeleri A.Ş. and to the General Directorate of Railways of the Republic of Turkey.
Additional contracts of those determined during the audits that they have not fulfilled their investment obligation will be deemed to have been terminated.
Grounds for Contract Extension
According to the expressions in the relevant law; It is stated that it is important for port investors to make the necessary investments on time in terms of maintaining the competitiveness of our country in the logistics and tourism sector. It has been taken into account that the public sector will be ensured through compulsory investments. It is stated in the relevant Law that the terms of the main contract will be valid when determining the additional contract prices and that the additional contract prices will be determined under the same conditions for all investors.
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