Turkey-based Metcap Energy Investments and Qatar-based Fusion Dynamics yesterday signed a $5.2 billion protocol for a natural gas and petrochemical investment in Turkey.
The signing ceremony at the JW Marriot Hotel in the capital Ankara was attended by Metcap Energy Investment President Celal Metin and Fusion Dynamics President Mohammed al-Hajri.
Speaking at the ceremony, Metin pointed out the importance of the deal for them, saying the energy and petrochemicals are the fields that cannot be separated.Indicating that it is a very important field in the international market, Metin said the partnership and projects are the result of his 50 years of experience.
He also stated that they will carry out the production of polypropylene and polyethylene corresponding to 30 percent of Turkey's imports of the said materials.
"While this will reduce Turkey's total imports by $1.4 billion, it will also make significant contribution to the country's economy," said Metin.
The partnership is very important and is something to be proud of, al-Hajri said.
The natural gas-based chemical plant to be built in the Trakya Basin and with a $4 billion investment will have an annual production capacity of 2.6 million tons of methanol and 1 million tons of light olefins.
With this plant, calculations suggest Turkey's current account deficit will be reduced by $1.4 billion annually.
Also, the natural gas combined-cycle power plant of 550 megawatts (MW) worth $1.2 billion, whose construction is underway in Turkey's Kırklareli and Karaman, will meet about 5 percent of Turkey's total electricity production.
The investments will be realized by a Metcap Petrochemicals, Verbena Energy and Komet Energy consortium, which has been jointly established by the two companies.
The facilities will be commissioned in phases starting from 2020 and all investments will be completed in 2023.