Azerbaijan, Baku, August 1 /Trend, A. Taghiyeva/
Excavation works started in Izmir, Turkey on a Petkim container port, which is co-owned by the State Oil Company of Azerbaijan Republic (SOCAR), Petkim's report said on Thursday.
The first phase of port's construction will be completed in 2015 and the second phase in 2016, the report said. Some $ 400 million will be invested into the construction of the port.
According to the holding's report, some 75 percent of excavation works within the construction of a new Star oil refinery have been completed.
The container port will initially have a 1.5 million twenty-foot equivalent unit (TEU) capacity, and then the capacity of the port will be increased to four million TEU.
In February last year, Petkim and Dutch company APM Terminals signed an agreement to build a container port with the capacity of 1.5 million TEU.
Its capacity will exceed the capacity of Aslandzhak port by about 50 percent.
The APM Terminals will have the right to operate the port for a period of 28 years.
Earlier SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired 10.32 percent stake in Petkim, increasing their stakes to 61.32 percent. Some 38.67 percent of the shares are in the free circulation in Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packages, fabrics, PVC, detergents, and is the only Turkish producer of such products. A quarter of Petkim Petrokimya Holding's products are exported.