Wealth Fund to Build Refinery and Petrochemical Plant

Türkiye Varlık Fonu (TVF) is establishing a refinery and petrochemical complex in Ceyhan district of Adana with approximately USD 10 billion investment to reduce the trade deficit in the refinery and petrochemical sectors. Construction of the refinery and petrochemical complex is planned to begin in 2021, following completion of design and engineering studies. The complex will be built in Ceyhan district of Adana with approximately USD 10 billion investment from Türkiye Varlık Fonu.

"Petrochemical Hub" Objective

The project is expected to create approximately 10,000 jobs during construction and 5,000 jobs during operations. It is targeted to rank among globally recognized investments in terms of advanced technology and innovative production methods. The refinery and petrochemical complex encompasses the objective of establishing Ceyhan as an international energy center. Through this project, raw materials necessary for developing a petrochemical hub and chemical clustering in the region will be produced, and required infrastructure investments will be implemented. Turkey's refinery product imports reached 21 million tons as of last year. In petrochemical products, more than 80 percent of the nation's needs are imported, while in 2018 the trade deficit in this sector was USD 13 billion. Türkiye Varlık Fonu aims to contribute to permanently reducing the trade deficit in this area through refinery and petrochemical investments. The investment is expected to contribute USD 1.5 billion annually to the trade balance.