Baku, Azerbaijan, May 26
By Maksim Tsurkov - Trend:
Turkey's Akbank allocated a loan of $212 million to Petlim Limancılık A. Ş., where the Turkish petrochemical holding, Petkim, holds a 70 percent share, Turkey's Public Disclosure Platform (Kamuoyunu Aydınlatma Platformu, KAP) said May 26.
The loan is allocated for a period of 13 years to finance the company's projects.
"In the first three years, the company is exempted from the payment of the loan," said KAP.
In March 2013, Petkim and the Dutch company APM Terminals inked an agreement for the construction of a container port with a capacity of 1.5 million TEU.
The project cost is $400 million. APM Terminals will have the right to manage the port for 28 years.
The new port's capacity will exceed that of the Alsancak port by about 50 percent. Depending on the market needs, the port's capacity in the future is planned to be increased to three million TEU.
Petkim Petrokimya Holding manufactures plastic packages, fabrics, PVC and detergents. It is the sole Turkish producer manufacturing such products. The company exports a quarter of its goods.
SOCAR Turkey Enerji A.Ş. and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim, increasing SOCAR's stake in the complex to 61.32 percent. Some 38.67 percent of the shares are in free circulation in the Istanbul Stock Exchange.
Edited by SI
---
Follow the author on Twitter: @MaksimTsurkov