7/21/2014

Goldman Sachs buys into Turkish Petkim’s Aegean port

​Hurriyet Daily News – Global leader US investment firm Goldman Sachs has become a partner in Türkiye’s largest integrated port, operated by petrochemicals maker Petkim, in a deal that will boost Petkim’s plans to develop the port as the largest in the Aegean region.

 

Petkim announced that it has reached a preliminary agreement to sell its 30 percent stake in Petkim Limancılık (Petlim) for USD 250 million, after months of talks beginning in February of this year.

 

Petkim and Petlim are controlled by the Turkish branch of Azeri energy giant SOCAR. Petlim was founded to run the financial operations of Petkim’s port in the Aliağa district of the Aegean province of İzmir.

 

“For one of the world’s biggest investors to become a partner in our port company means approval of the value and finance of our project,” SOCAR Türkiye President Kenan Yavuz said, speaking after a ceremony to mark the signing of the deal and a preliminary financing agreement for the port project with Turkish lender Akbank.

 

“We have signed a preliminary agreement with Akbank, one of Türkiye’s largest banks, for the financing of our port investment’s project. We will secure USD 211 million in financing with a 13 year maturity within the term-sheet,” Yavuz said.

 

“We are very glad to finalize the share transfer deal with a global giant such as Goldman Sachs and the project financing agreement with Akbank on the same day,” he added.

 

The investment in what is expected to become Türkiye’s third container port will be in force in the last quarter of 2015, Yavuz also said.

 

The Petkim Container Port, which will enable the berthing of ships with 11,000 TEUs for the first time in Türkiye, will possess a starting capacity of 1.5 million TEUs. A 48-hectares logistics area will be created having 42 hectares in the port for container storage and 6 hectares in the rear service area.

 

SOCAR Türkiye also plans to build a refinery on the Petkim Peninsula in order to integrate refinery, petrochemical and logistical operations at the site.

 

The company is building the USD 5.5 billion Star refinery in partnership with Turcas Petrol to supply feedstock to Petkim and reduce Türkiye’s dependence on imported refined products.

 

The USD 3.3 billion credit deal for Türkiye’s first privately built oil refinery that SOCAR Türkiye signed in June is the largest and longest-term financing deal signed in Türkiye.

Goldman Sachs