According to the Panama Canal Authority the first gates of the Panama Canal expansion program have been moved to the new locks complex on the Atlantic side, marking another milestone in the $5.25 billion project.
Goldman Sachs buys into Turkish Petkim’s Aegean port near Aliaga
U.S. multinational investment banking company Goldman Sachs has become a partner in Turkey’s largest integrated port, operated by petrochemicals maker Petkim, in a deal that will boost the company’s plans to develop the port to make it largest of Aegean region.
Petkim has announced that it has reached a preliminary agreement to sell its 30 percent stakes in Petkim Limancılık (Petlim) for $250 million, after months of talks that started in February this year.
Petkim and Petlim are controlled by the Turkish branch of Azeri energy giant Socar. Petlim was founded to deal with the economic operation of Petkim’s port in the Aliağa district of the Aegean province of İzmir.
“One of the world’s biggest investors becoming a partner to our port company means approval of the value and economy of our project,” Socar Turkey President Kenan Yavuz said, speaking after a ceremony to mark the signing of the deal as well as a preliminary financing agreement with Turkish lender Akbank for the port project.
“We have signed a preliminary agreement for our port investment’s project financing with one of Turkey’s largest banks Akbank. We will secure $211 million in financing with a 13 year maturity within the term-sheet,” Yavuz said.