Akbank Grants $212 Million Loan to SOCAR

Akbank has approved a $212 million loan for SOCAR's container port project in Aliağa, İzmir, amid ongoing legal and political discussions.

The land for the project was transferred to SOCAR through a special clause added to the omnibus law, raising concerns among environmental groups.

SOCAR’s Aliağa container port project, named 'Petlim,' aims to become the largest port in the Aegean region, boosting Turkey’s logistics capabilities.

• The financing was initially planned with European banks but later secured through Akbank due to concerns over environmental impacts.
• SOCAR's control of Petkim has increased over the years, with the company now holding a 61.32% stake after acquiring shares from the Turkish government.
• Despite objections and delays, the project is set to proceed with construction, including refinery and power plant facilities alongside the port.
• Akbank's loan structure includes a 13-year term with the first 3 years as a grace period for repayment.
• The project agreement was signed by Turkish President Recep Tayyip Erdoğan and Azerbaijani President Ilham Aliyev in 2011.