Turkey’s wealth fund to invest $10 billion in petrochemical plant

Turkey’s sovereign wealth fund will invest almost $10 billion in building an oil refinery and petrochemical plant in the southern province of Adana, Dünya newspaper said on Tuesday.

Turkish authorities plan to launch the project in 2021 following preliminary preparations, Dünya said.

The investment in the petrochemistry industry is part of the wealth fund's efforts to narrow the foreign trade deficit and will provide employment opportunity for almost 5,000 people, according to the newspaper.

Some 80 percent of Turkey's petrochemical products were exported in 2018 and the country's foreign trade deficit for the sector was $13 billion, Dünya said.

The Turkish Wealth Fund was established in August 2016 by Turkish President Recep Tayyip Erdoğan to increase the value of Turkey’s strategic assets, contribute to economic growth and actively deepen capital markets by introducing new products.

The fund controls public assets including Turkish Airlines, Ziraat Bank, Halkbank and petroleum companies Türkiye Petrolleri and Botaş.