Derince Port privatization tender canceled

Derince Port privatization tender canceled :A tender to privatize the Derince Port in the northwestern province of İzmit was canceled on Jan. 22, after bidders failed to meet the price that had been requested by the tender committee.

Six firms had submitted their initial bids for the port, which belongs to the Turkish State Railways (TCDD), and the tender for the privatization was opened yesterday. The highest bid in the first round was $180 million, which was increased to $252 million in the second round, and $302 million in the third round.

Safi, Kumport and Cengiz were three firms remaining in the tender at the auction stage. However, all three firms withdrew their offers after the tender commission set the minimum price for the auction at $516 million. Ahmet Aksu, the head of the tender commission, then announced that the tender had been called off.

With the cancelation, the second effort to privatize the strategically-located port failed.

The first tender for the transfer of Derince Port’s operating rights was held in 2007, when the Türkerler Joint Venture Group was the highest bidder with $195.25 million.

However, the Council of State later cancelled that tender, citing a contradiction in the land settlement plan of the area.

The privatization process restarted in October 2013, with the Privatization Administration’s announcement that it was again collecting offers.

Derince Port privatization tender canceled

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