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SOCAR to build largest port in Turkey

Tuesday, November 12
The State Oil Company of Azerbaijan (SOCAR) plans to construct the largest and deepest port in Turkey by late 2014 - early 2015, SOCAR head Rovnag Abdullayev told journalists today.

According to Abdullayev, the sources of financing and contracting companies have been already determined within the project.

Currently, the area is being prepared for launching the construction of a container port.

The Turkish prime minister intends to take part in the foundation laying ceremony.

According to Abdullayev, the new port will bring additional revenue to Petkim petrochemical complex, owned by SOCAR in Turkey.

The foundation of Petkim container port is expected to be laid on November 13.

"The project will cost $ 400 million," Abdullayev said.

Earlier, Turkish petrochemical complex Petkim and Dutch company APM Terminals have signed an agreement on construction of a container port with the capacity of 1.5 million TEU.

The port capacity will exceed the capacity of the Aslandzhak port by about 50 percent when the port is managed by APM Terminals company. Depending on the needs of the market, its capacity will be increased up to 3 million TEU.

APM Terminals Company will be entitled to manage the port for 28 years. By 2014, the amount of investments in the development of the terminal will hit $350-400 million.