Istanbul/London, Turkey/UK, 25 May 2015 – SOCAR, Turkey's largest foreign investor, receives USD 212 million project finance loan with a 13 year-maturity and a 3 year-grace period from leading Turkish bank, Akbank, to finance the development of the Petlim container terminal.
"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," said Muhsin Keskin.
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 a USD 212,000,000 loan extended to Petlim Limancilik Ticaret A.S. (Petlim Container Terminal). Petkim Petrokimya Holding A.S., also a SOCAR company, acted as guarantor. 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 mm TEU. The deal was signed on 25 May 2015.
The cross-border team was led by Istanbul-based Partners Muhsin Keskin and Duygu Turgut and London-based Partner Calvin Walker. Associates Batuhan Uzel, Ali Selim Demirel and Orcun Solak in Istanbul provided support.
"It was a privilege to be working on such a high profile transaction, particularly in a fast-growing economy such as Turkey, which is embracing project finance as a major source of funding," commented Calvin Walker.
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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.