SOCAR has received US$212 million project finance loan with a 13 year-maturity and a 3 year-grace period from Akbank, to finance the development of the Petlim container terminal in Turkey.
The loan will finance the design, engineering, construction, commissioning and procurement of the Petlim Container Terminal, which will be operated by APM Terminals (Maersk Group), with a maximum capacity of 1.3 million TEUs. The deal was signed on 25 May 2015.
A team of lawyers from Esin Attorney Partnership, a member firm of Baker & McKenzie International, and Baker & McKenzie's London office advised Akbank in relation to the loan extended to SOCAR's subsidiary Petlim Limancilik Ticaret A.S.
Petkim Petrokimya Holding A.S., also a SOCAR company, acted as guarantor.
Istanbul-based Partner at Baker & McKenzie, Muhsin Keskin, stated:
"SOCAR's investments in petrochemicals, energy and logistics in Turkey will enable Turkey and Azerbaijan to produce oil and natural gas derivatives and intermediate goods together. Due to its strategic importance, the Petlim container port at SOCAR's site in Aliaga, Izmir stands right at the heart of these investments."
SOCAR-owned Petlim Container Terminal was established in 2010 to develop Petkim as the largest port on the Aegean Sea and third largest integrated port in Turkey. The ground-breaking port project is designed to develop Aliaga, Izmir - one of Turkey's most strategic industrial zones - into a major logistics integration center.