The national hydrocarbons company (Sonatrach) officialized the launch of its huge petrochemical plant project in Adana, Turkey, with its partner, Ronesans, at an investment cost of $ 1.4 billion, that will be financed by 70% through bank loans and 30% by the project shareholders.
A statement from Sonatrach, which copy was received by Echorouk, said it
signed, Thursday, through its subsidiary Sonatrach Petroleum Investment Corp.
(SPIC) and the Turkish company CPEY of Ronesans in Istanbul, a series of
contracts to launch engineering studies for a petrochemical complex to produce
propylene and polypropylene (PP-PDH), which will be completed in the Turkish
region of Seyhan in the southern province of Adana.
The statement explained that the parties had launched on August 19, 2019, a
joint venture company under Turkish law, as the company’s capital is estimated
at 34% for the Algerian party and 66% for the Turkish party.
The large project’s company will undertake the design, engineering,
construction and utilization of a production capacity of 450,000 tons per year
of polypropylene in Turkey’s Seyhan industrial zone for petrochemical
development.
The project will allow Sonatrach to secure an Algerian propane gas market
for a long period up to 2040 with an estimated amount of 540,000 tons per year
and to generate financial returns as a 34% shareholder in the project,and this project will directly create 2 000 Jobs.
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