ANKARA – Turkey’s sovereign wealth fund is in talks with international partners for a $10 billion petrochemical project in the country, CEO Arda Ermut said on Wednesday.
Elmut also said the Turkiye Wealth Fund is ready to use its mandate for overseas investments if conditions are favorable, citing recent cooperation agreements with the Abu Dhabi sovereign wealth fund, Hungary, Oman and most recently the Bank of China.
He told a meeting of the Istanbul Chamber of Industry that the company aims to establish joint ventures with partners to provide financing in these countries and third markets.
Domestically, the fund has been working in strategic areas such as petrochemicals for many years and has carried out research on major projects, he said.
“In the petrochemical sector, we are in contact with international companies. This is a project worth a total of $10 billion. This could move forward through a partnership structure or in the form of a cluster,” he added.
TWF was established in 2016 to manage state-owned assets and make strategic investments that support economic development. The company has holdings across sectors including finance, energy, transportation and communications, and now also owns Turkish Gold Mining, the country’s largest gold producer.
Mr. Elmut also said that TWF is working on an agreement with an international fund to invest in local companies with export potential.
(Reporting by Ebru Tuncay; Writing by Ece Toksabay; Editing by Andrei Khalip)
