The Turkish State Railways (TCDD) has launched a tender process to put in private hands the operation of the Port of Derince in the province of Kocaeli with a 36-year contract, according to an announcement in the Turkish Official Gazette.

Bidders are required to assure $30 million in funds, plus an additional $20 million for fees in order to qualify. The Gazette also states that if the commission responsible for the sale receives a lot of applicants, it will hold an auction instead of a tender.

Due to its location in Izmit Bay and its hinterland, TCDD Derince Port serves to Gebze-Kocaeli area, one of the largest industrial zones in Turkey. The port has a prominent role compared to other ports in the region, with its capability to handle different types of cargo such as container, bulk, general cargo, liquid bulk and Ro-Ro.

Both Turkish and foreign corporations or joint ventures can apply to bid. Joint ventures cannot consist solely of venture capital funds. Offers will be accepted until 5 p.m. on Dec. 10. 

Raiffeisen Centrobank is advising the Turkish Privatization Authority. See the Teaser prepared for the tender process for more information.