South Korean builder GS Engineering & Construction said Tuesday it will invest in a massive petrochemical plant construction project in Turkey by purchasing a nearly 50 percent stake in a construction firm.
According to GS E&C, it signed a contract with Ceyhan Petrokimya Endustriyel Yatrim on Sept. 26 to acquire a 49 percent stake in the latter. The value of the deal will be determined after the Turkish firm finalizes its future project plans.
This will allow GS E&C to participate in CPEY’s Ceyhan Propane De-Hydrogenation-Polypropylene (PDH-PP) construction project. The $14 million project involves building massive petrochemical plants in Adana, southern Turkey.
“The PDH-PP project is the first investment business we launched in GS E&C’s plant construction sector, and the Turkish government has lots of interest in it,” said Lee Kwang-il, head of GS E&C’s plant division.