SOCAR building its own port in Turkey

State Oil Company of Azerbaijan (SOCAR) has started construction of its port in Turkey for Petkim Holding.

A source from SOCAR said that construction is the port is progressing, though official laying of its foundation failed to take place last week.

“Official ceremony of laying foundation of the port was planned to take place during the visit of Azerbaijani President to Turkey. This idea was initiated by Turkey, but Azerbaijan is not disappointed that it did not take place. The most important thing that construction of the port is progressing,” said the same source.

Construction is planned to be completed during 1-1.5 years. Earlier this year Kenan Yavuz, President SOCAR Turkiye, chairman of Board of Petkim Holding, and Teo Dersinya, Director for Merger and Absorption of ATM Terminal company (APMT), have signed the agreement on management of the container terminal of Petkim Limançılıq Ticarət şirkəti company.

According to the agreement, during 28 years APMT will manage the terminal. The first stage of the two-stage investment program will end in 2015 and the second one – in 2016. Investments of  Petlim Limançılıq Ticarət şirkəti will total $300 million, while APMT will assume the costs for purchase of machinery and equipment. The capacity of the terminal is 1.5 million TEU (20 feet containers), but it will be increased up to 4 million TEU.

SOCAR expects that the upgraded port of Petkim holding will become the biggest cargo integration and logistics centre in the region.—0—