Tatneft's Investment Project Underway

Tatneft, a leading petrochemicals company from Russia, visited GEBKİM following a preliminary protocol agreement signed on 24 June 2021 for a facility to be established in Turkey for the first time. Tatneft signed a preliminary protocol agreement on 24 June 2021 for the facility to be built at GEBKİM, under the chairmanship of Vice President Fuat Oktay and Rüstem Minnihanov, President of the Republic of Tatarstan of the Russian Federation. Following the signing of this agreement, Tatneft made an investment visit to GEBKİM on Thursday, 12 May. At the recent meeting hosted by GEBKİM OSB Board Chairman Vefa İbrahim Aracı, discussions took place on final details regarding raw materials that would reduce import dependency and the steps to be taken.

Long-Awaited Investment for Maleic Anhydride Project Begins

The long-awaited investment for the maleic anhydride project between GEBKİM, Turkey's first specialised chemistry industrial zone, and Tatneft, one of Russia's largest petrochemicals producers, has commenced. Senior executives of Tatneft, who visited GEBKİM on Thursday, 12 May, discussed the steps to be taken with GEBKİM OSB Board Chairman Vefa İbrahim Aracı. Following the meeting, Aracı said in his assessment: "As a result of our persistent follow-up, Tatneft made the investment decision to produce a product that has never been manufactured in Turkey and is entirely imported. Maleic anhydride is an important raw material and by-product in the chemical industry. We aim to prevent USD 100 million worth of imports." Chairman Aracı stated that following approximately one year of preliminary discussions, visits made, meetings held and the protocol signed, all details regarding the facility and operational areas to be built on the land allocated to Tatneft in the region have been finalised, and Tatneft's investment has begun.

Machinery and Equipment Shipments to Start from July Onwards

Aracı said: "As a result of our discussions with Tatneft and persistent follow-up, Tatneft made the investment decision to produce a product that has never been manufactured in Turkey and is entirely imported. We are implementing this investment decision at GEBKİM. For this purpose, land has been allocated and Tatneft's technical teams have come to Turkey. Agreements and discussions were held with engineering firms. God willing, machinery and equipment shipments will begin from July onwards. Applications for the necessary permits for construction are about to be submitted. Technical studies have been initiated."

Will Contribute to Closing the Current Account Deficit

Aracı emphasised that Tatneft's investment at GEBKİM for a raw material that will contribute to closing the current account deficit and reducing import dependency is very important, and noted that the selection of GEBKİM was no coincidence.

"We Aim to Prevent USD 100 Million Worth of Imports"

Aracı said: "Maleic anhydride is an important raw material and by-product in the chemical industry. Maleic anhydride, which has not been produced in Turkey before, will be put into use for the first time at the Tatneft facilities to be built at GEBKİM. Thus, import dependency on this raw material will decrease. With the production of maleic anhydride in Turkey, we aim to prevent USD 100 million worth of imports. With the production of this product in Turkey, Turkey's exports will strengthen. Competitiveness in international markets will increase. I wish this to be beneficial for our country and both sides."