Home / Knowledge / News / Textiles / Advanced Petro & Bayegan sign MoU for PP plant
Advanced Petro & Bayegan sign MoU for PP plant
09
May '12
Advanced Petrochemical Company, a leading Saudi Arabia based producer of petrochemical products, and Bayegan Group, a unique Turkish international trading company, engaged in petroleum derivatives, petrochemicals and other commodities, announced the signing of a Memorandum of Understanding for the development of a joint US$ 1 billion Propane Dehydrogenation (PDH)and Polypropylene (PP)plant.

The announcement was made at a signing ceremony in Istanbul in the presence of Turkey's Minister of Economy Mr. Zafer Çaglayan, as well as representatives of the joint venture partners and their shareholders. The ceremony was also attended by members of the industry and media to mark this important milestone.

The project, in which Advanced will hold a 70% equity stake and Bayegan Group 30%, is comprised of construction of a state-of-the-art PDH-PP Plant, all other required utilities and port facilities, to be located in Southern Turkey. Once fully operational, the plant is expected to produce approximately 500,000 tons of polypropylene per year. At current rates, this will replace approximately 30% of polypropylene imports into the country.

Commenting on the announcement, Chairman of Advanced Petrochemical Company, Mr. Khalifa Abdullatif Al Mulhem, said: “This project is of great significance for Advanced. It marks our first major overseas investment and is an important step forward in the execution of our growth strategy.

It is also an important project which will enhance further industrialization in Turkey. Our investment reflects our confidence in the strength of our partner, Bayegan Group and the Turkish economy as well as its investment friendly climate, for which we thank them.

More importantly, this venture is a true reflection of the strong and everlasting cooperation, trade and investment between Turkey and the Kingdom of Saudi Arabia, which are both among the most dynamic and fast growing economies globally.”

The development of the project will leverage the knowledge, experience and track record of Advanced in developing, executing and operating world class facilities that are highly efficient, environmentally friendly and which support economic growth in their markets of operation. Advanced currently operates PDH and PP plants in Saudi Arabia's Jubail Industrial City. The company produces 450,000 tons of polypropylene per year, which is known for its high quality and reliability. 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's strength in global trading, distribution and their immense knowledge on the Turkish domestic market will perfectly complement Advanced's technical expertise in ensuring successful implementation of the Project.

Mr. Ercument Bayegan, Chairman of Bayegan Group, added “We are extremely proud with this major step to realize this Project. As Bayegan, this project is in line with our vision to continue our growth globally with our 23 worldwide offices.


Must ReadView All

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Apparel/Garments | On 18th Nov 2017

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Sri Lanka’s apparel exports from January to September 2017 has...

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Apparel/Garments | On 18th Nov 2017

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Bangladesh Prime Minister Sheikh Hasina has said two more leather...

ASEAN, Hong Kong sign free trade agreement

Textiles | On 18th Nov 2017

ASEAN, Hong Kong sign free trade agreement

The Association of Southeast Asian Nations (ASEAN) and Hong Kong...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search