Petro-Chemical Giant Tatneft's Investment Project Started in Gebkim

Petrochemistry Giant Tatneft's Investment Project Started in Gebkim
Petro-Chemical Giant Tatneft's Investment Project Started in Gebkim

Tatneft, one of Russia's leading petro-chemical companies, paid an investment visit to GEBKİM after the preliminary protocol agreement signed on June 24, 2021 for the facility to be established in GEBKİM for the first time in Turkey, under the auspices of the Presidency. At the last meeting hosted by GEBKİM OSB Chairman Vefa İbrahim Araci, the final details of the raw material and the steps to be taken to reduce foreign dependency were discussed. Making an assessment of the meeting, Chairman Araci said, “At the end of our persistent pursuit, Tatneft has taken the investment decision to produce a product that has never been produced in Turkey and is fully imported. Maleic anhydride is an important raw material and by-product in the chemical industry. We aim to prevent imports of 100 million dollars.” used the expressions.

The expected investment for the maleic anhydride project has started between GEBKİM, Turkey's first chemical specialized OIZ, and Tatneft, one of Russia's largest petro-chemical producers. Visiting GEBKİM on Thursday, May 12, Tatneft's senior executives and GEBKİM OSB Chairman Vefa İbrahim Araç talked about the steps to be taken.

“TATNEFT MADE INVESTMENT DECISION AFTER OUR PERSONAL FOLLOW-UP”

Making a statement about the visit, Chairman Araç said that as a result of the preliminary negotiations, visits, meetings and the signed protocol that lasted for about 1 year, all details regarding the facility and activity areas to be established on the land allocated to Tatneft in the region were clarified and the Tatneft investment began.

GEBKİM Chairman of the Board Vefa İbrahim Araç used the following statements: "After our negotiations with Tatneft and our persistent follow-up, Tatneft has taken the investment decision to produce a product that has never been produced in Turkey and is fully imported. GEBKİM implements this investment decision. Space was allocated for this and Tatneft's technical teams came to Turkey. Agreements and negotiations were made with engineering companies. Hopefully, the shipment of machinery and equipment will start from July. The application for the necessary permits for construction is also about to be submitted. Technical studies have been started.

“CHOOSING GEBKİM IS NOT A coincidence”

Tatneft's investment in GEBKİM is very important for raw materials that will contribute to closing the current account deficit and reduce foreign dependency. It is not a coincidence that GEBKİM was chosen for investment with our exemplary ecosystem that brings together chemical manufacturers at a single address.

“WE ARE GOING TO AVOID 100 MILLION DOLLARS OF IMPORTS”

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 made available for the first time at Tatneft facilities to be established in GEBKİM. Thus, dependence on foreign raw materials will decrease. With the production of maleic anhydride in Turkey, we aim to prevent imports of 100 million dollars. With the production of this product in Turkey, Turkey's exports will be strengthened. Competitiveness in foreign markets will increase. I wish the best for our country and for both sides.”

PRELIMINARY PROTOCOL AGREEMENT WAS SIGNED

A preliminary protocol agreement was signed on 24 June 2021 for the facility investment between GEBKİM, Turkey's first chemical specialized OIZ, and Tatneft, which is shown as one of the largest petro-chemical manufacturers in Russia.

The agreement signed under the chairmanship of Vice President Fuat Oktay and President of the Russian Federation Tatarstan Republic Rüstem Minnihanov envisaged the establishment of a facility for raw material production in GEBKİM OIZ.

MALEIC ANHYDRITE RAW MATERIAL OF THE PRODUCTS WE USE IN DAILY LIFE

Maleic anhydride, which Tatneft plans to produce by signing a preliminary agreement with GEBKİM, Turkey's first chemistry specialized OIZ, is one of the very important raw material inputs of unsaturated polyester resin, which we use in many areas of our lives. Maleic anhydride is also involved in the manufacture of pharmaceuticals, coatings, agricultural products, surfactants and plastics additives, and is used in the manufacture of engine lubricants, fuel additives, industrial resins.

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