Azernews.Az

By Aynur Jafarova

Issuance of a license for the construction of a power plant of Petkim Petrochemical Holding by Turkey's Energy Market Regulatory Authority (EPDK) is expected by late 2014, Petkim told the Baku-based Trend news agency on September 13.

"The Turkish government has positively evaluated the report on environmental impact assessment. At this point we are expecting an EPDK license, and afterwards we will start major work on the construction of the power plant," the company said.

The construction operations are scheduled for completion in 2016, and the power plant is to be commissioned the same year.

The first phase of construction work at Petkim's container port will be completed in 2015, and the second phase in 2016. Some $400 million will be invested in the construction of the port.

In February 2012, Petkim, which is co-owned by the Azerbaijani state energy company SOCAR and Dutch company APM Terminals, signed an agreement on the construction of a container port. APM Terminals will have the right to manage the port for 28 years.

The container port will initially have a 1.5 million twenty-foot equivalent unit (TEU) capacity, and then the capacity will be increased to 4 million TEU. Its capacity will exceed that of the Aslandzhak port by about 50 percent.

Earlier SOCAR Turkey and SOCAR International DMCC OGG acquired a 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 Petrochemical Holding manufactures plastic packages, fabrics, PVC, detergents, and is the only Turkish producer of such products. A quarter of Petkim's products are exported to foreign markets.