Petkim, APM Terminals sign port management agreement
Azerbaijan, Baku, Feb. 22 / Trend A. Taghiyeva /
Turkish petrochemical complex Petkim, co-owned by SOCAR Turkey Enerji, has signed an agreement with one of the world leading port operators - Dutch company APM Terminals, Turkish Public Disclosure Platform (Kamuoyunu Aydınlatma Platformu KAP) said today.
According to the report, Petkim will invest $ 300 million in the port construction. The first part of the investment process will be completed in 2015, when the port is put into operation.
The second part of the investment process is planned to be completed in 2016, the report said.
Petkim will invest in the construction work to build the port and its infrastructure.
APM Terminaller invests in vehicles and equipment.
Petkim and Dutch company APM Terminals signed an agreement on container port construction with a capacity of 1.5 million TEU in February last year.
The capacity will exceed the capacity of Alsancak port by about 50 percent during APM Terminals company's managing the port. Depending on market demand, the capacity of the port will be increased to 3 million TEU.
APM Terminals company will have the right to manage the port for 28 years.
Earlier on March 30, SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 per cent stake in Petkim, increasing SOCAR's stake in the company to 61.32 per cent. Some 38.67 per cent are in free circulation on the Istanbul Stock Exchange.
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.