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Advanced and Bayegan sign MoU for $1 billion project in Turkey

Advanced and Bayegan to build a new PDH-PP plant

Advanced Petrochemical Company (Advanced), a leading Saudi Arabia based producer of petrochemical products, and Bayegan Group (Bayegan), a Turkish international trading company, engaged in petroleum derivatives, petrochemicals and other commodities, announced the signing of a Memorandum of Understanding (MoU) for the development of a joint $ 1 billion capital expenditure Propane Dehydrogenation (PDH) and Polypropylene (PP) plant.

Today, Turkey is the world’s second largest importer of polypropylene, with this project the expectation is to meet the local demand driven by the country’s strong growth and high domestic consumption, to increase exponentially.

The plant in Turkey will help to reduce country’s trade deficit as well as other added benefits for the Turkish economy.

The project, in which Advanced will hold a 70% equity stake and Bayegan 30%, is comprised of construction of a state-of-the-art PDH-PP Plant, all other required utilities and port facilities.

This new PDH-PP plant will be located in Southern Turkey.

Once fully operational, the plant is expected to produce 500,000 t/y of polypropylene. At current rates, this will replace approximately 30% of polypropylene imports into the country.

This project is of great significance for Advanced. as it marks its first major overseas investment and is an important step forward in setting its Market Leadership abroad as it will be doubling its actual production capacity of polypropylene.

The project will employ a workforce of more than 3,000. Once operational, the plant will create approximately 250 direct jobs and 1,250 indirect employment opportunities.

Advanced in brief

Advanced Petrochemical Company is a Saudi Arabia joint stock venture which started commercial production in the first quarter of 2008.

Advanced enjoys high international demand in polypropylene as it can be processed by virtually all thermoplastic-processing methods. 

Advanced currently operates PDH-PP plants in Saudi Arabia’s Jubail Industrial City where it produces 450,000 t/y polypropylene.

Advanced’s polypropylene is marketed and sold globally across the Middle East, Asia and Europe, with 30% of its output sold to customers in Turkey.

Bayegan in brief

Created in Turkey in 1940, Bayegan‘s strength is global trading of plastics with 23 worldwide office, and distribution on the Turkish domestic market. Bayegan benefits from a strategic logistic location in Turkey since this country enjoys high consumption of petrochemical products together with its strong and reliable economy.

Construction of this Advanced and Bayegan project is expected to commence 2nd quarter of 2013 with completion targeted for fourth quarter of 2015.

For more information and data about oil and gas and petrochemical projects go to Project Smart Explorer

 

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