Construction of a container port and a power plant of Turkey's petrochemical complex Petkim, which is co-owned by SOCAR Turkey Enerji, in Izmir will begin in 2013, Head of SOCAR Turkey Enerji, a board member of Petkim Petrochemical Holding Kenan Yavuz said on Tuesday.
The official said that construction of the power plant is expected to be completed in 2016, the same year the plant will be put into operation.
According to Yavuz, an environmental impact assessment is at the final stage.
"Initially, construction of the power plant was estimated at $ 700 million. However, we intend to increase investments to $1 billion to minimize environmental damage," Yavuz said.
Yavuz noted that the container port will have a capacity of 1.5 million twenty-foot equivalent unit (TEU) at the initial phase; later, its capacity will be increased to four million TEU.
Some $300 million will be invested in construction of the port. The first part of the investment process will be completed in 2015, when the port will be put into operation. The second part of the investment process will be completed in 2016, Yavuz noted.
Earlier in February, Petkim and Dutch company APM Terminals -- one of the world's leading port operators -- have agreed on management of a container port construction. An agreement on the port construction was signed by the two companies in February 2012.
Petkim will invest in the construction of the port and its infrastructure, while APM Terminals will invest in vehicles and equipment.
The capacity will exceed that of the new Alsancak port in Izmir by about 50 percent during APM Terminals' managing the port. APM Terminals will have the right to manage the port for 28 years.
SOCAR Turkey Enerji is the Turkish division of the Azerbaijani state energy company SOCAR.
On March 30, SOCAR Turkey Enerji and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim, increasing SOCAR's stake in the company to 61.32 percent. Some 38.67 percent are in free circulation on the Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer making such products, a quarter of which the company exports.