[Sponsored Report] GS E&C buys stake in petroleum plant project

Officials from GS Engineering and Construction and Ceyhan Petrokimya Endustriyel Yatrim pose after signing a shareholding agreement in Istanbul. [GS E&C]

GS Engineering and Construction (GS E&C) has bought a 49 percent stake in a $1.4 billion project to build a petrochemical plant in Adana, Turkey.

On Oct. 8, GS E&C reported that it had agreed on Sep. 26 to take on a 49 percent share in Ceyhan Petrokimya Endustriyel Yatrim (CPEY).
Through this, GS E&C has officially become a part of the Ceyhan Propane De-Hydrogenation-Polypropylene Project.

GS E&C will be a front-end engineering design contractor for the project and the sole engineering, procurement and construction contractor moving forward.

The petrochemical complex being constructed in Adana is expected to be able to produce 450,000 tons of propylene and polypropylene.
It has already secured regulatory approval.

“The project is the first investment business done by the GS E&C plant division, and the Turkish government is showing huge interest,” said an official from GS E&C.

“Using the experience and technology we have, we will try to consolidate our value through this project.”

By Kim Seung-Jun [kim.Seungjun@joongang.co.kr]