Turkey: APM Terminals, Petkim Announce Cooperation Agreement
A new project was launched on prospective development of Petkim petrochemical holding being the largest asset of SOCAR in Turkey.
On February 13, Petkim and Dutch-based APM Terminals signed a cooperation agreement in Istanbul on long-term operation of Petkim Port. The agreement was signed by head of Board of Directors on behalf of Petkim and Petlim, head of SOCAR Investments Department Vagif Aliyev, SOCAR Turkey Energy CEO and Petkim Board Member Kenan Yavuz, as well as APM Terminals’ CEO Europe Region and APM Terminals Director of Port Investments for Europe John Trenchard on behalf of APM Terminals.
Under the agreement, investing within the construction of a new port is scheduled to be completed in 2014. During the period of the port management by the APM Terminals, its capacity will exceed the capacity of the Aslancak port by about 50 percent.
The port will have an annual handling capacity of 1.5 million twenty-foot equivalent units. Further expansion can be phased, based on market demand, up to a maximum capacity of 3 million TEU. APM Terminals will have the right to control the port for 28 years. Until 2014, the volume of investments in the terminal will hit $350-$400 million.
During the signing ceremony SOCAR President Rovnag Abdullayev stated that the perspective development projects.
Dredging Today Staff, February 15, 2012