| Project Detail |
A senior loan of up to USD 8.5 million in favour of Altintel Liman ve Terminal Isletmeleri A.S. ("Altintel Port", the "Borrower", or the "Port"), a liquid bulk port located in Kocaeli Province in the Marmara region of Turkey. The Banks investment will be used to finance the Ports expansion through construction and installation of 18 chemical storage tanks and related infrastructure with a modern sensor system (the "Project"). The expansion results in an increase of the Ports total liquid bulk capacity by 23,164 m3 to 105,600 m3. The new facilities are not associated with fossil fuels and are used for the handling and storage of petrochemicals and base oil, which are raw materials for consumer goods, paint and coating, pharmaceuticals, agriculture, construction, electronics and automotive industries.
The Project employs a high level of automation and digitalisation technologies through a modern sensor system, which enhance: (i) energy, cost savings, and GHG reduction; (ii) safety; and (iii) business operations. The Project also includes advanced systems and good use of smart technology in: (i) tank stock management; (ii) flow control to/from the jetty; (iii) truck loading bays; (iv) drumming facility; and (v) pumping system. Therefore, the Project is a good example in Turkey of a mid-size business adopting technologies that go beyond the regulatory requirements and country practice.
The Project is expected to contribute positively to Altintel Ports decarbonisation by implementing the latest technological and operational improvements. The Project is aligned with Paris Agreement on both mitigation and adaptation. The GET share of the Project is 17%, implying GET-eligible ABI of USD 1.445 million. The Project contributes to emissions reduction due to the fuel shift from fuel oil to natural gas, using electric equipment, inverter pumps and LED lighting. By phasing out fuel oil consumption in the Ports heating system, the Project will also result in reduction of pollutant emissions.
Project Objectives
The Projects overall objective is to achieve the Ports expansion maintaining the highest level of environmental and safety standards, strong operational and financial performance and GHG savings. |
