Petkim to invest additional $8 bln in Turkish economy
By Aynur Jafarova
Turkey's Petkim Petrochemical Holding, in which Azerbaijan's state energy company SOCAR owns equity shares, will invest an additional $8 billion in the Turkish economy in the next five years.
The news was announced by Director of Petkim Sadettin Korkut on February 10.
The additional investments will contribute to the country's economic development, Trend Agency quoted Korkut with reference to local Turkish media.
The construction of the container port is one of the projects being rapidly implemented in Turkey, and agreement on the construction of a new port was reached with Danish and Dutch companies.
The port will belong to Turkey, but the Danish and Dutch companies will operate it for 30 years.
The first and second phases of the port's construction are expected be completed in 2015 and 2016, and the project will cost $400 million.
The port's initial capacity 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.
Petkim is co-owned by the Azerbaijani state energy company SOCAR and Dutch company APM Terminals, one of the world's leading port operators.
Petkim signed an agreement for the construction of a container port with a 1.5 million TEU capacity in February last year.
Petkim will invest in the construction of the port and its infrastructure, while APM Terminals will invest in vehicles and equipment.
The construction of a new container port will contribute to the region's development and, the port can receive containers with the length of 330 meters. The investment process is expected to be completed in 2014, and the construction of the port will be over in 2015.