ISTANBUL
Saudi Arabian company Advanced Petrochemical Company and Turkish Bayegan Group are setting a polypropylene manufacturing site together near Adana-Iskenderun region in Turkey.
Bayegan group works on petroleum and petrochemical industry globally and Advanced Petrochemical Company is a large company developing an integrated propane dehydrogenation and polypropylene.
Partnership's public statement took place in a press conference with the attendance of Turkish Economy Minister Zafer Caglayan.
One billion USD investment in Adana-Iskenderun region holds 500 thousand tons capacity and 500 people will be employed.
Caglayan highlighted the new incentive system for businessmen who were willing to invest in Turkey and said "We brought out contributions to the imported products that Turkey has to buy. We do hope that this first investment of the new incentive system will be good for all."
He stated that the investment between Advanced Petrochemical Company and Bayegan Group carries such importance.
He said, "There are more than 200 Turkish businessmen in Saudi Arabia investing and Saudi Arabians have up to 275 firms in Turkey worth 1.5 billion USD. We are expecting to have more partnerships like this one in future."
