Petkim, Dutch company APM Terminals sign agreement to construct port (UPDATE)
Details added (the first version was posted at 16:58)
Azerbaijan, Baku, Feb.13 / Trend A.Taghiyeva /
Turkish petrochemical complex Petkim and Dutch company APM Terminals signed an agreement to build a container port with capacity of 1.5 million TEU in the Aliaga complex on Monday, Petkim said.
Investing within the construction of a new port is scheduled to be completed in 2014. During the period of the port management by the APM Terminals, its capacity will exceed the capacity of the Aslancak port by about 50 percent. Depending on the market needs, its capacity it planned to increase up to 3 million TEU.
APM Terminals will have the right to control the port for 28 years. Until 2014, the volume of investments in the terminal will hit $350-$400 million.
According to SOCAR President Rovnag Abdullayev, who also attended the ceremony, perspective development projects - "oil refining - petrochemistry - logistics - energy integration" were launched in October 2011 since the construction of the Star oil refinery began.
In 2015, great part of this horizontal integration program will be completed, he said.
During the signing ceremony it was noted that the container terminal will be located in the coastal zone with length of 700 meters and water depth of 16 meters. Construction of the first 350 meters within the first phase is scheduled to be completed in 2013, the construction of the remaining 350 meters - within the second phase in 2014.
The signing ceremony was attended by Petkim Board Chairman Vagif Aliyev , SOCAR Turkey Enerji company head and SOCAR-Turcas board member Kenan Yavuz, Petkim CEO Hayati Ozturk, Deputy Director of APM Terminals Martin Poulsen and APM Terminals Director for Port Investments for Europe John Trenchard.
The alliance between SOCAR and Turcas Petrol /Injaz projects resulted in them winning a tender in 2008 to buy a 51 per cent stake in various chemical projects worth $2.04 billion.
Now Turkey imports 70 to 75 per cent of its chemical products. Investments in the development of Petkim will reduce that figure by 30 per cent.
At present, capacity available at the complex is over 500,000 tons of ethylene, and it is planned to increase its capacity up to 600,000 tons.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC, detergents, being the only Turkish producer of such products, a quarter of which the company exports.