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Monday, 21 July 2014

Goldman Sachs could buy 30% of new Turkish port for $250M

Petlim port Petlim port Socar Turkey

Socar subsidiary Petkim is contemplating selling 30% of its Petlim port, on the Turkish coast of the Aegean Sea, to Goldman Sachs for $250 million.

Turkey-based Petkim is a subsidiary of Socar, the state oil company of Azerbaijan. In February, it entered into an agreement with APM Terminals to build and operate the Aegean Gateway Terminal (AGT) near Izmir.

Under that agreement, Petkim was to provide the initial investment of approximately $400 million to construct a new container and general cargo terminal in Nemrut Bay. The new facility, expected to start operations in summer 2015, is to be fully operated by APM Terminals under a 28-year concession.

On Friday, Petkim announced that it had granted American investment firm Goldman Sachs the exclusive right to negotiate the acquisition of 30% of the shares in Petlim for $250 million.

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