Danish oil and shipping group A.P. Moeller-Maersk's port operator subsidiary APM Terminals will invest 758 million euros (863 million U.S. dollars) in a new transshipment terminal in the Moroccan port city of Tangier, the company announced on Thursday.

The new terminal will have an annual capacity of five million TEUs (twenty-foot equivalent units) and is expected to be operational in 2019, under the terms of a 30-year concession agreement with the local port authorities, APM Terminals said in a statement.

It will complement the current operations of the existing APM Terminals Tangier facility at Tanger Med 1 port, which started operations in July 2007 and handled 1.7 million TEUs in 2015.

The Tanger-Med port complex is strategically located on Africa's northwest coast near the mouth of the Mediterranean Sea.

According to Maersk, the new APM Terminals MedPort Tangier terminal will increase the port's total annual throughput capacity to over nine million TEUs. Endit

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