Azernews.Az

By Nigar Orujova

Turkey's petrochemical complex Petkim, co-owned by SOCAR Turkey Enerji, which is the Turkish division of the Azerbaijani state energy company SOCAR, and Dutch company APM Terminals -- one of the world's leading port operators -- have agreed on management of a container port construction with a capacity of 1.5 million twenty-foot equivalent unit (TEU), the Turkish Public Disclosure Platform reported on Friday.

An agreement on the port construction was signed by the two companies in February 2012.

According to the report, Petkim will invest $300 million in the construction of the facility. The first part of the investment process will be completed in 2015, when the port is put into operation. The second part of the process is due to finish in 2016.

Petkim will invest in the construction of the port and its infrastructure, while APM Terminals will invest in vehicles and equipment.

The capacity will exceed that of the new Alsancak port in Izmir 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 will have the right to manage the port for 28 years.

On March 30, SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim, increasing SOCAR's stake in the company to 61.32 percent. Some 38.67 percent 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.

Earlier, APM Terminals said a new era in Turkish maritime commerce began when Petkim and APM Terminals signed a Heads of Terms agreement in 2012, outlining the key principles of a contract for the operation of the Port of Petkim, in Aliaga, near the Port of Izmir on Turkey's Aegean coast.