Interviews
Advanced Petro & Bayegan sign MoU for PP plant
09 May '12
4 min read
With its strategic logistic location, high consumption of petrochemical products together with its strong and reliable economy, have significantly positioned Turkey in the global market.
We would like to thank our partner, Advanced Petrochemical Company, for their confidence in us, to all our valuable customers and partners, for their valuable support. Our special thanks to our Government, for their effective role in the significant achievement in Turkey's global position”
“Today, Turkey is the world's second largest importer of polypropylene and we expect demand, driven by the country's strong growth and high domestic consumption, to increase exponentially in coming years, added Engineer Abdullah M. Al Garawi, CEO of Advanced. “With the construction of this plant, we bring ourselves in closer proximity to our important and growing customer base. We are confident that this investment will create value for Advanced and our shareholders by diversifying our production geographically and creating new streams of revenue.”
Having the plant in Turkey will help to reduce the country's trade deficit as well as other added benefits for the Turkish economy, such as employment opportunities whereby during its implementation phase, 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.
Construction of the project is expected to commence 2nd quarter of 2013 with completion targeted for fourth quarter of 2015.
Concluding, Chairman of Advanced, Mr. Khalifa Abdullatif Al Mulhim, said: “We are excited to move forward with the implementation of this project. At the same time we continue to look for other opportunities to leverage our success and expertise to date in order to achieve further profitable growth and take advantage of opportunities in the petrochemicals sector, which continues to grow by about 5-6% percent annually.”
We would like to thank our partner, Advanced Petrochemical Company, for their confidence in us, to all our valuable customers and partners, for their valuable support. Our special thanks to our Government, for their effective role in the significant achievement in Turkey's global position”
“Today, Turkey is the world's second largest importer of polypropylene and we expect demand, driven by the country's strong growth and high domestic consumption, to increase exponentially in coming years, added Engineer Abdullah M. Al Garawi, CEO of Advanced. “With the construction of this plant, we bring ourselves in closer proximity to our important and growing customer base. We are confident that this investment will create value for Advanced and our shareholders by diversifying our production geographically and creating new streams of revenue.”
Having the plant in Turkey will help to reduce the country's trade deficit as well as other added benefits for the Turkish economy, such as employment opportunities whereby during its implementation phase, 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.
Construction of the project is expected to commence 2nd quarter of 2013 with completion targeted for fourth quarter of 2015.
Concluding, Chairman of Advanced, Mr. Khalifa Abdullatif Al Mulhim, said: “We are excited to move forward with the implementation of this project. At the same time we continue to look for other opportunities to leverage our success and expertise to date in order to achieve further profitable growth and take advantage of opportunities in the petrochemicals sector, which continues to grow by about 5-6% percent annually.”
Advanced Petrochemical Company
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