Azernews.Az

By Nazrin Gadimova

Azerbaijan's state energy company SOCAR plans to construct the largest and deepest port in Turkey by late 2014, early 2015.

The news was announced by SOCAR Head Rovnag Abdullayev on November 11.

The projects of financial sources and the contracting companies have already been determined, Abdullayev told journalists.

He also said that the new port will bring additional revenue to Petkim petrochemical complex, owned by SOCAR in Turkey.

"The construction of the largest and deepest port in Turkey will last one and a half year," he said. "This project will provide an opportunity to generate additional revenue from Petkim."

Abdullayev also said that the project will cost $ 400 million, and the foundation of Petkim container port is expected to be laid on November 1.

The area is currently being prepared for the construction of the container port, and Turkey's Prime Minister Recep Tayyip Erdogan will take part in the foundation laying ceremony.

Earlier, Turkish petrochemical complex Petkim and Dutch APM Terminals Company signed an agreement on construction of a container port with the capacity of 1.5 million TEU.

The port will belong to Turkey, but Danish and Dutch companies will operate it for 30 years. It is expected that the first and the second phases of the port's construction be completed in 2015 and 2016, and the project will cost $400 million. The investment process is expected to be completed in 2014.

The initial capacity of the port will be 1.5 million TEU (twenty-foot equivalent unit) which will be increased to four million TEU in the future. Its capacity will exceed the capacity of Aslandzhak port by about 50 percent.

SOCAR, which includes production associations Azerneft (companies involved in the production of oil and gas onshore and offshore), Azerkimya (chemical industry enterprises), and Azeriqaz (gas distribution), is one of the world's most well-established oil companies, active in Turkey since May 30, 2008.

SOCAR's investments volume in projects in Turkey is estimated at $17 billion. The total amount of Azerbaijan's investments in Turkey in the coming years is estimated at $21 billion. The number of companies with Azerbaijani capital in Turkey reached 1,100 at the end of 2012.

According to the 2012 results, trade turnover between the two countries amounted to $2.12 billion. With a 15.75 percent share in Azerbaijani imports, Turkey ranked first among Azerbaijan's foreign trade partners with its volume of imports ($1.520 billion).