Cesce supports the construction of a polypropylene plant in Türkiye with 730 million dollars

 

Renaissance Holding, the main investor in the Turkish conglomerate, and one of the largest construction companies in Europe, obtains funding to advance the development of a new polypropylene (PP) production plant and a port terminal to serve it in Ceyhan (Türkiye)).

 

The Spanish Gathered techniques appears as an EPC (Engineering, Procurement and Construction) contractor in both projects, in consortium with Rönesans, which entails a significant export pull for companies and the Spanish economy.

 

This landmark project, valued at $2.000 billion, will boost Turkey's industrial self-sufficiency and strengthen its position in global trade, significantly reducing its dependence on imports.

 

 

Cesce reaffirms its role as a strategic partner for the internationalization of Spanish companies, offering risk coverage solutions that facilitate access to financing for high-impact projects

 

The project consists of two distinct components financed separately by international financial institutions. The first is the new polypropylene production plant, under development by Rönesans and Sonatrach, as a partner and supplier of raw materials, which is financed under a Project Finance structure, with 1.750 billion dollars of project and 1.100 billion of
dollars of debt.

 

Of this, $600 million is financed by a banking pool composed of the Arab Energy Fund – formerly Apicorp -, BBVA, Denizbank, DZ Bank and ING as Global Coordinator and Documentation Bank, with 95% coverage (570 million euros) of Cesce's Buyer Credit insurance and with Deutsche Bank as credit agent. The plant has a planned annual capacity of 472.500 metric tons, which will cover approximately 17,5% of Türkiye's PP demand.

 

The second funded component is the port terminal, which will provide dock and raw material storage services for the new plant and other potential future customers. The total investment amounts to 250 million dollars, of which 162,5 million are debt, with 130 million corresponding to financing of the new plant. ING and BBVA with 99% coverage from Cesce and the remaining amount to a credit of Vakifbank as a commercial lender.

 

This terminal will not only provide storage for the plant, Ceyhan PP, but is also part of the Ceyhan Specialised Energy Industrial Zone and is being developed in partnership with Stolthaven Terminal, Stolt-Nielsen’s global bulk liquid storage business.

Both projects will contribute significantly to the global petrochemical sector by implementing innovative solutions to reduce greenhouse gas emissions and optimising the use of renewable energy, factors that have prompted international financial support.

 

 

 

.