Second phase of "Petlim" will be launched in June

Baku. 23 January. REPORT.AZ/ “Petlim” container port’s second phase will enter service in June of this year. Report informs referring to Turkish media, Director General of SOCAR Turkey Energy Zaur Gahramanov told: “First phase of 380 mln USD “Petlim” port project is already in use. This is the largest capacity port in Aegean Sea. The first phase serves 5 days of the week”.

Notably, first container vessel entered “Petlim” port on December 6 of last year. The first phase with capacity 800,000 TEU has been completed and provided for management of APM Terminals company. Construction of second phase is underway.

The 28-year exploitation agreement with APM Terminals company, which is member of most successful and biggest group of the world in container terminal management - ‘Maersk’ group, was signed in projecting stage. While in projecting stage, one of world’s biggest investment banks Goldman Sachs estimated project’s value as $1 billion and bought 30% of its shares for $300,000.

Company’s Director General talking about “Petkim” petro-chemical complex, told that they annually invest 150 mln USD to the complex. According to him, if they don’t make this investment, “Petkim”s market share can drop from 17% to 10%. Z.Gahramanov also told that they are looking for new opportunities in petrochemical industry: “Joint investments are also possible. Huge amount of crude materials will be produced as soon as STAR oil refinery starts production. We will either sell it as crude or produce other petrochemicals. We mull over this issue”, he added.

Notably, “Petkim Holding” was founded in 1951 with 250 mln TRY investment. After privatization process completed in 2008, State Oil Company of the Azerbaijan Republic (SOCAR) became main shareholder of “Petkim”. 22 integrated facilities - 14 main plants, 8 auxiliary buildings are located in “Petkim Aliaga Complex”.

“Petkim Holding” is Turkey’s first and only national manufacturer of petrochemical products.