Baku, Azerbaijan, Feb. 4
By Rufiz Hafizoglu - Trend:
Some shares of the Petlim Limancılık company can be put up for privatization as part of the construction of the largest and deep container port in Turkey, head of SOCAR Turkey Enerji, a board member of Petkim Petrochemical Holding Kenan Yavuz was quoted today by the Turkish newspaper Star as saying.
"The company has started consultations with Goldman Sachs concerning the sale of some shares of Petlim Limancılık A.S. Its 100 percent owner is Petkim petrochemical holding.
"Some 25 percent of Petlim Limancılık's shares are expected to be put up for privatization," Yavuz added.
"The sale of some shares is not connected with a lack of funds for construction of the largest and deep port in Turkey," Yavuz added.
At the same time, Yavuz stressed that privatization will be an important event, demonstrating confidence in the company and continued flow of investments into the country.
The State Oil Company of Azerbaijan (SOCAR) plans to construct the container port by late 2014 - early 2015, SOCAR head Rovnag Abdullayev told journalists earlier.
"The sources of financing and contracting companies have been already determined as part of the project," he added.
"The new port will bring additional revenue to Petkim petrochemical complex, owned by SOCAR in Turkey," Abdullayev added.
"The project will cost $ 400 million," Abdullayev said.
Turkish petrochemical complex Petkim and Dutch company APM Terminals signed an agreement on construction of a container port with the capacity of 1.5 million TEU in March 2013.
The port capacity will exceed the capacity of the Aslandzhak port by about 50 percent when the port is managed by APM Terminals. Depending on the needs of the market, its capacity will be increased up to three million TEU.
APM Terminals will be entitled to manage the port for 28 years.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer making such products, a quarter of which the company exports.
SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim on March 30, 2012, increasing SOCAR's stake in the company to 61.32 percent. Some 38.68 percent is in free circulation on the Istanbul Stock Exchange.
Translated by NH
Edited by CN