APS : Thursday, 26 September 2019
ALGIERS- National company Sonatrach, through its subsidiary SPIC (Sonatrach Petroleum Investment Corp) and Turkish company CPEY, subsidiary of Ronesans,
has signed Thursday in Istanbul all the contracts on the engineering studies of the petrochemical complex of de propylene and polypropylene production (PDH-PP) in Turkey’s Ceyhan.
The signing ceremony was attended by Minister of Energy, Mohamed Arkab, Turkish Minister of Industry and Technologies, Turkish Minister of Energy and Natural Resources, as well as Sonatrach’s CEO, Rachid Hachichi and Ronesans CEO, Erman Ilicak, said a statement from the national oil company.
The ceremony has been also attended by directors of the project company, contractor FEED GS (South Korea), PMC ISS (Italy), UOPL Licensor (UK), Licensor Lyondel Basell (Italy), as well as Turkish local authorities, added the same source.
This “event represents the culmination of the efforts of two years of work from both teams,” said the communiqué.
Last August, Sonatrach and Ronesans had created a joint company named “CEYHAN POLİPROPİLEN ÜRETİM ANONİM ŞİRKET.” 34% of the stakes are owned by SPIC while 66% are owned by CPEY.
The mission of this project company is the design, engineering, procurement, construction and operation of a complex of production of 450 thousand tons per year of polypropylene in the Ceyhan industrial zone, dedicated to the development of the petrochemicals.
According to Sonatrach, the $1.4 billion $ investment $ project will be funded in “Project Finance” mode, without the use of shareholder guarantees, nearly 70% by banks and 30% by shareholders.
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