Azernews.Az

Construction of the Petkim petrochemical complex container port in Izmir will begin in November, head of SOCAR Turkey Energy and board member of the Petkim petrochemical complex Kenan Yavuz said in interview to the Turkish media, published on Friday.

He said the investment in the construction of the port will amount to $300-400 million and be completed within 24 months.

In February, Petkim and the Dutch APM Terminals Company signed an agreement on the construction of the container port with a capacity of 1.5 million TEU.

During the management of the port by APM Terminals its capacity will exceed by around 50 per cent. Depending on market demand, the capacity of the port will be increased up to three million TEU.

APM Terminals will have the right to manage the port for 28 years.

According to Yavuz, the annual demand from Petkim in naphtha is 1.8 million tons, 1.5 million tons of which is imported. This means that the company is losing $50 per ton on imported naphtha.

He noted that Petkim will save $75 million a year on this raw material following the commissioning of the Star refinery.

Previously, Socar Turkey Energy and SOCAR International DMCC OGG purchased 10.32 per cent of Petkim shares increasing their stake to 61.32 per cent. Some 38.67 per cent are free floating on the Istanbul Stock Exchange.

Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC, detergents and is the only Turkish producer of such products, a quarter of which is exported.