Goldman Sachs to Buy Stake in Petlim Container Port in Turkey

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Researched by Industrial Info Resources (Sugar Land, Texas)--Petrochemicals company Petkim (BIST:PETKM) (Izmir, Turkey), a subsidiary of Azerbaijan's State Oil Company of Azerbaijan Republic (SOCAR), plans to sell a 30% stake in its Petlim Container Port in Turkey for $250 million to Goldman Sachs (NYSE:GS) (New York, New York).

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When fully developed, the container port will have an annual capacity of 1.5 million 20-foot-equivalent units of containers. Petlim is responsible for the infrastructure of the port development project, while APM Terminals (The Hague, Netherlands) will operate the asset. No official agreement has been signed between the parties regarding the share sale agreement.

Petkim had earlier disclosed that it will pursue strategic financial options, including a partnership, pertaining to Petlim.

"The inclusion of a financial partner in the asset could lower Petkim's financial obligations in the investment, and could lead to cash inflow if Petkim sells a portion of its stake in the asset," said Kazim Andac, an Istanbul-based energy expert with Deutsche Bank based in Istanbul. For more information, see June 4, 2014, article - Azerbaijan's SOCAR Secures $3.3 Billion in Project Financing for Star Refinery.

SOCAR Turkey is now the sole owner of Star Rafineri AS, which owns the refinery, after Turkish energy firm Turcas Petrol (BIST:TURCS) (Istanbul) sold its 18.5% stake for $59.4 million in March.

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