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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Goldman Sachs buys stake in Petlim port

Investment banking firm secures 30 percent share in Turkey's largest integrated port for $250 million.

Updated on 22 Jul 2014 16:56 GMT

U.S. multinational investment banking company Goldman Sachs has bought a stake in Turkey's largest integrated port, operated by petrochemicals firm Petkim, in a deal that is expected to help parent company Socar's plans to develop the port to make it largest in the Aegean region, the port's operator said in a statement.

Petkim confirmed that it has reached a preliminary agreement to sell its 30 percent stake in Petlim port for $250 million to Goldman Sachs, after several months of talks that are said to have begun earlier this year.

Petkim and Petlim are both controlled by the Turkish branch of Socar.

"One of the world's biggest investors becoming a partner to our port company means approval of the value and economy of our project," Socar Turkey President Kenan Yavuz said, speaking after a ceremony to mark the signing of the deal as well as a preliminary financing agreement with Turkish lender Akbank for the port project.

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

"We're very glad to realize 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 container port is set to become operational in the last quarter of 2015, according to Yavuz.

Petkim Container Port will be built to enable the berthing of ships of up to 11,000 TEUs for the first time in Turkey and it is expected to have a starting capacity of 1.5 million TEUs. A logistics field with a total of 48 hectares is planned, with 42 hectares in the port field for container storage and 6 hectares in the rear service area.

Socar Turkey also plans to build a refinery on the Petkim Peninsula with the aim of integrating refinery, petrochemical and logistical operations at the site.

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

Socar Turkey signed a $3.3 billion credit deal for the country's first privately-built oil refinery.

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