GS Engineering & Construction (GS E&C) will participate as a major investor in a petrochemical plant project worth about $1.4 billion in Turkey.
GS E&C announced on Oct. 8 that it signed a shareholder contract in Istanbul, Turkey on Sept. 26th (local time) to buy a 49 percent stake in CPEY, a subsidiary of Renaissance Holdings.
Once the project plan is finalized, the specific amount of the stake acquisition will be set, and the process for the stake acquisition will be completed accordingly.
GS E&C will participate as a basic design (FEED) contractor for 'Ceyhan PDH-PP Project', a large petrochemical complex promoted by CPEY in Turkey, and also signed contracts to secure the status of engineering, procurement and construction (EPC) contractor in the future.
The company will participate in an equity participation investment project rather than the existing EPC simple subcontracting method to secure future operating profits.
The Ceyhan PDH-PP project is a project to build a plant in Turkey's Ceyhan region that produces 450,000 tons of propylene and polypropylene annually, which has been approved by the Turkish government to build a 13 million-square-meter petrochemical complex.
The project will start the EPC with the aim of commercial production in 2024 after carrying out the GS E&C’s FEED implementation and finance-mobilizing procedures after the basic design of the licensors- Honeywell UOP and LyondelBasell.