Petkim decided to sell shares of biggest port in Turkey

Part of shares of Petlim Limancilik company could be put up for privatization as a part of construction of the biggest and deepest container port in Turkey, Turkish Star newspaper quoted yesterday Kenan Yavuz, President SOCAR Turkey Enerji, member of Board of petrochemical holding Petkim.

Yavuz said the company has started consultations with Goldman Sachs concerning sale of part of shares of Petlim  Limancilik A.S. company, 100% owner of which is Petkim petrochemical holding.

SOCAR Turkey Enerji President said that 25% shares of Petlim Limancilik are expected to be put up for privatization.

“Sale of part of shares of Petlim Limancilik is not connected with shortage of funds for construction of the biggest and deepest port in Turkey,” Yavuz said.

He added that privatization will become an important event demonstrating confidence in the company and continuation of investments into the country.

SOCAR President Rovnag Abdullayev said earlier that construction of the container port is planned to be completed by the end of 2014 – early 2015.

He said the sources of financing and the contractor companies for the project have been already defined. Abdullayev said the new port will bring additional costs to Petkim petrochemical complex owned by SOCAR in Turkey. Cost of the project will total $400 million, he added. In March 2013 Turkish petrochemical complex Petkim and Dutch APM Terminals company signed the agreement to build the container port with the capacity of 1.5 million units.

During the management of the port by APM Terminals company, its capacity will exceed capacity of Aslancak port by about 50%. Depending on the market demands, its capacity could be increased up to 3 million containers. APM Terminals will have the right to manage the port within 28 years.-0—