Turkey's Petkim starts construction of $400m petchems container port

13 November 2013 14:59  [Source: ICIS news]

LONDON (ICIS)--Turkish petrochemical producer Petkim has laid the foundation stone for a $400m (€296m) container port at the site of its planned $10bn petrochemical “supersite”, the company said on Wednesday.

The container port is planned with a capacity of 1.5m TEU (twenty-foot equivalent units) and a maximum water depth of 15.5m, making it Turkey's largest and deepest facility, Petkim said.

The facility is expected to be completed by late 2014 or early 2015, the company added.

Named the Aegean Gateway Terminal (AGT) and located in Nemrut Bay on western Turkey's Aegean coast, the facility would be vital to Petkim's plans to boost exports to Europe, the company said.

Petkim plans to more than triple its petrochemicals output capacity by 2023 to 10m tonnes/year through with the new production plants to be constructed at its supersite, also to be located on the Aliaga peninsula.

Given that Aliaga is very near Turkey's second largest industrial city, Izmir, Petkim could also expect to boost its revenues from general cargo fees charged to companies utilising the new container port, the company noted.

In February, Petkim entered into a final agreement with Danish independent port operator APM Terminals for the creation and operation of AGT.

Under the deal, APM Terminals has the right to entirely operate AGT for an initial period of 28 years.

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 AP Moller-Maersk.

($1 = €0.74)

By: Will Conroy
+44 20 8652 3214

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