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Goldman Sachs buys into Turkish port

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Goldman Sachs has paired up with Turkey’s largest integrated port in a deal that will boost the company’s plans to develop the Aegean port, to make it the largest in the region.

Petkim, chemical-maker and operator of the port, made the announcement to sell its 30% stake for US$250 million after months of speculation, starting earlier in February this year.

Azeri energy giant, Socar’s Turkish President Kenan Yavuz said: “One of the world’s biggest investors becoming a partner to our port company means approval of the value and economy of our project.”

He added: “We have signed a preliminary agreement for our port investment’s project financing with one of Turkey’s largest banks Akbank. We will secure US$211 million in financing with a 13-year maturity within the term-sheet.”

The Petkim Container Port will have a starting capacity of 1.5 million TEU, and a logistic field with 48 ha will be created, with 42 hectares in the port field for container storage and six hectares in the rear service area.

Yavuz said the investment will become Turkey’s third container port and will become operational in the last quarter of 2015.

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