Second phase of Petlim to complete in first quarter of 2017

Baku. 8 December. REPORT.AZ/ Works on the second phase of the Petlim container port project will be completed in the first quarter of 2017.

Report informs citing the State Oil Company of Azerbaijan Republic (SOCAR), preparation of seabed mapping in the bridge section and maneuvering area, the Aegean region's largest port Petlim for large container ships, will end in near future. Upon the completion, it will be possible to penetrate to a depth of 16 meters of water.

Petlim project also includes a cargo bridge. Loading of heavy loads of another structure, invested by SOCAR - STAR oil refinery - through this bridge will allow effective saving," SOCAR stated.

According to the company, works on the first phase of the "Petlim Limancılık Ticaret A.Ş." terminal of 1.5 mln container (TEU) capacity have been completed this week and operations launched. The first phase capacity is 800 000 containers.

"Petlim port, which launched as a part of strategic partnership with the world's leading organizations on container port management APM Terminals, will meet current and future logistic requirements of SOCAR. When the port is working at full capacity, it will be the only port, where 11 000 container ships will easily berth in the Marmara, Aegean and Mediterranean Seas.

Notably, Petkim Holding owns 70% shares in "Petlim Limancılık Ticaret A.Ş.", US Goldman Sachs investment bank 30%. While in projecting stage, Goldman Sachs International estimated project’s value as 1 billion USD and bought 30% of its shares for 300,000 USD and became Petlim shareholder.

The 28-year exploitation agreement with APM Terminals company, included in most successful and biggest group of the world in container terminal management, was signed in projecting stage. The first stage was completed at the end of 2015 and was handed over to the APM Terminals management.