APS : Thursday, 29 November 2018
ALGIERS-The National Hydrocarbon Group Sonatrach sealed Wednesday in Istanbul a shareholders’ agreement with Turkish group Rönesans Holding to seal a shareholders’ agreement to build a petrochemical complex in Turkey,
Sonatrach announced Thursday in a communiqué.
The agreement relates to a petrochemical complex for the transformation of propane into polypropylene, a plastic material used by many several industries, notably the automotive one, textile and pharmacy.
Worth US$1.2 billion, the complex will produce 450,000 tonnes of polypropylene per year in order to meet the Turkish market’s needs for this category of plastic. The complex will be built in the region of Cayhan, located in the province of Adana.
For this purpose, Sonatrach will supply 550,000 tonnes of propane for this project from the gas and LNG installations in Algeria.
The project will allow Sonatrach place its propane on the Turkish market through a long-term contract and enhance economic ties between Algeria and Turkey.
During the signing ceremony of this shareholders’ agreement held in the presence of Turkish Minister of Industry and Technology, Mustafa Varank, Sonatrach CEO, Abdelmoumen Ould Kaddour stated that “the polypropylene production project with a renowned Turkish industrial partner is part of the strategy to internationalize and diversify the activities of Sonatrach.
The project will also allow Sonatrach exploit its resources, secure its traditional markets and be present in a country whose petrochemical sector ranks 14th worldwide, said Ould Kaddour.
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