Turkish Petkim increases production capacity (VIDEO)

Turkish Petkim increases production capacity (VIDEO)

Baku, Azerbaijan, Aug. 31

By Maksim Tsurkov - Trend:

The Turkish Petkim petrochemical complex increased its production capacity from 3.2 million metric tons to 3.6 million metric tons of output per year, the head of SOCAR Turkey Enerji Kenan Yavuz told reporters.

He also said that the Petlim container port in Turkey will begin accepting containers in January 2016.

"Petlim container port will become the third largest port in Turkey and the largest one in the Aegean Sea," said Yavuz. "It will be able to accept the largest container ships carrying capacity up to 11,000 containers. Some $400 million was invested in the construction of the port, $300 million of which was invested by Petkim."

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.

In July 2014, 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. APM Terminals will have the right to manage the port for 28 years. SOCAR Turkey Enerji and Goldman Sachs signed an agreement to sell a 30 percent stake in the Petlim Limancilik A.S. company, 100-percent owned by the Petkim Turkish petrochemical holding. The cost of the transaction amounted to $250 million.

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 new port's capacity will exceed that of the Alsancak port by about 50 percent.

Edited by CN

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Follow the author on Twitter: @MaksimTsurkov

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