Turkish Wealth Fund To Invest $10Bln In Petrochemical Plant In Country's South - Reports

The Turkish wealth fund (TVF) will invest about $10 billion to construct a petrochemical refinery in the Ceyhan region of Adana province, media reported on Tuesday

ANKARA (UrduPoint News / Sputnik - 03rd December, 2019) The Turkish wealth fund (TVF) will invest about $10 billion to construct a petrochemical refinery in the Ceyhan region of Adana province, media reported on Tuesday.

The project aims to stimulate import substitution in the petrochemical industry, according to the Turkish Anadolu news agency.

Turkey's new economic program for 2020-2022 provides for TVF investments in petrochemicals, mining and power generation.

The construction of the refinery will begin in 2021 after the completion of the design and engineering works. It is expected that about 10,000 jobs will be created during the construction period and around 5,000 jobs after the plant is put into operation, according to the media outlet.

The construction process is said to include advanced technologies and innovative production methods, which will become a model of investment. The Ceyhan district is expected to become a global energy hub. In the course of the project realization, the raw materials necessary for the development of the petrochemical base and the creation of a chemical cluster in the region will be produced.

Turkey meets more than 80 percent of the needs for petrochemical products through imports. TVF's investments in the refining and petrochemical sectors are expected to reduce the foreign trade deficit by $1.5 billion per year.