State Oil Company of Azerbaijan (SOCAR) Turkey Enerji and Goldman Sachs have both signed an agreement to sell a 30% stake in petrochemical and port operator Petlim Limancilik A.S, which may trigger privatised funding for the largest port in Turkey.
According to Hellenic Shipping News, the cost of the transaction amounted to US$250 million.
A board member of Petkim Petrochemical Holding, Kenan Yavuz said that part of Petlim Limancilik’s shares can now be put up for privatisation within the construction of the largest port in Turkey.
Head of SOCAR Rovnag Abdullayev said: “The sources of financing and contracting companies have already been determined as part of the project. The new port will bring additional revenue to Petkim petrochemical complex, owned by SOCAR in Turkey.”
Capacity of the new port will exceed the capacity of Aslanjak port by around 50% and cost around $400 million to construct. Its capacity is planned to be increased to three million TEU.
Goldman Sachs in $250m Port Stake Pact. (Source: World Maritime News)