Goldman Sachs sells its stake in SOCAR container terminal in Turkey

Goldman Sachs International and subsidiary of the State Oil Company of Azerbaijan (SOCAR) - SOCAR Turkey Enerji A.S. (STEAS) have completed a deal to buy back the last 30% stake in the container terminal Petlim Limancilik Ticaret A.S. (renamed into SOCAR Terminal) located in the Aegean region of Turkey, Report informs referring to the Turkish Public Disclosure Platform (KAP).

In 2014, Goldman Sachs signed a seven-year put option agreement with STEAS to acquire this block of shares for $250 million.

Goldman Sachs owns a 30% stake in Petlim terminal and has agreed with STEAS to sell its stake for $300 million. The remaining 70% of the terminal belongs to the Petkim petrochemical complex. In Fitch’s opinion, it is likely that STEAS will buy back Petlim shares without Petkim support before the offer expires in December 2021, Report previously informed with reference to the international rating agency Fitch.

Until August 2021, Goldman Sachs also owned a 13% stake in STEAS. It was bought by SOCAR’s subsidiary Sermaye Investments Limited for $1.3 billion.

In 2018, SOCAR Turkiye Enerji acquired the only Turkish asset from the Dutch company APM Terminals - APM Terminalleri Liman Isletmeciligi A.S. APM Terminals in February 2013 entered into an agreement with Petkim to create a new container terminal in Izmir with a capacity of 1.5 million TEU per year. Under the agreement, APM Terminals also received the terminal for use and management for 28 years. The total cost of the project was $450 million. To implement this project, APM Terminals established the APM Terminalleri Liman Isletmeciligi A.S. company.

Petlim terminal began commercial activity on December 6, 2016 within the first phase and received the first vessel. The port’s capacity at the first stage was 800,000 containers per year, and after the commissioning of the second stage, this figure reached 1.5 million containers.

In the future, the port’s capacity can be expanded to 4 million containers per year.

SOCAR Turkey Enerji began its activities in Turkey in 2008 with the acquisition of a controlling stake (51%) in the Petkim petrochemical complex.

SOCAR Turkey, which implements giant projects worth $19.5 billion, includes such leading companies in their field as Petkim, TANAP, STAR Rafinerisi, SOCAR Terminal, Petkim RES, Bursagaz, Kayserigaz, Enervis, SOCAR Energy Ticaret, Millenicom, SOCAR Ticaret and SOCAR Saxlama.

SOCAR Turkey, whose main investment areas are the production and trade of petrochemical products, processing, purchase and sale of natural gas, became the first company to receive the status of a Special Industrial Zone in Aliaga (Izmir), where most of the company’s investments are concentrated.