22 February 2013 17:01 [Source: ICIS news]
LONDON (ICIS)--Sole major Turkish petrochemical producer Petkim has entered into a final agreement with Danish independent port operator APM Terminals for the creation and operation of a $400m (€304m) container port that will serve the company's planned $10bn petrochemical “supersite”, Petkim said on Friday.
APM Terminals will have the right to entirely operate the Aegean Gateway Terminal (AGT) – which Petkim sees as vital to realising its plans to extensively build up its petrochemical exports to Europe – under a concession agreement for an initial period of 28 years, it added.
Further investments in expanding AGT, which will have a capacity of 1.5m TEU and be used for general cargo as well as petrochemical shipment needs, may be made by Petkim depending on demand, the company said.
AGT, which should become operational in mid-2015, will be located in Nemrut Bay, by the Aliaga peninsula, on western Turkey's Aegean coast where Petkim is constructing the petrochemical supersite, and near Izmir, Turkey's second largest industrial city. The bay has a 15.5m water depth, Petkim added.
Modelled on Singapore's Jurong Island industrial zone – which boasts a chemical manufacturing cluster – the Aliaga petrochemical complex should more than triple Petkim's petrochemical output capacity by 2023 to 10m tonnes/year, Petkim said.
Petkim is owned by the State Oil Company of Azerbaijan (SOCAR).
APM Terminals is the the port operating arm of Danish oil and shipping group A P Moller-Maersk.
($1 = €0.76)
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