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Friday, October 11, 2019
Algerian state oil concern Sonatrach, through its subsidiary SPIC (Sonatrach Petrolium Investment Corp.) and Turkish company CPEY, a subsidiary of Ronesans, signed a contract in Istanbul to launch engineering studies of the petrochemical complex for the production of propylene and polypropylene (PDH-PP) in Ceyhan, Turkey.
The signing ceremony in late September was attended by Minister of Energy Mohamed Arkab, Turkish Minister of Industry and Technology, Turkish Minister of Energy and Natural Resources, as well as the P-DG of SONATRACH, Rachid Hachichi and Ronesans CEO, Erman Ilicak, said a statement from the National Hydrocarbons Company. Also present were directors from the project company, the contractor FEED GS (South Korea), the board PMC ISS (Italy), the licensor UOPL (UK), the licensor Lyondel Basell (Italy), as well as the Turkish local authorities, added the same source.
“This event represents the culmination of two years of continuous work by teams from both sides,” said the statement, adding that Sonatrach and Ronesans had, on August 19, 2019, created the project company under Turkish law named Ceyhan Polipropilen Uretim Anonim Irket with a shareholding structure of 34% for SPIC and 66% for CPEY.
The purpose of this project company is to design, engineer, supply, construct and operate a production complex of 450 thousand tons per year of polypropylene.
According to Sonatrach, the investment of this project is estimated at about $1.4 billion. Financing will come nearly 70% through banks and 30% by shareholders.
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