*Will be one of the largest industrial investments ever undertaken by the private sector in Türkiye and the largest investment in Rönesans' history, expected to directly contribute $300 million annually to Türkiye's balance of payments.
*A total of $1.3 billion in financing, led by the U.S. International Development Finance Corporation (DFC) for the PP production plant and Spain's Export Credit Agency (Cesce) for the PP production plant and terminal, underscoring the project's global importance.
*The investments secure landmark partnership with Africa's largest company, SONATRACH and one of the world's leading integrated supply chain solution providers for specialty liquid bulk chemicals, Stolt-Nielsen.

ISTANBUL, April 17, 2025 /PRNewswire/ -- Rönesans Holding, one of Türkiye's largest contracting and investment conglomerates, has closed the financing to progress the development of a major new PP production plant and terminal facility, which will be one of the largest private sector investments in Türkiye.

Ceyhan Polypropylene (PP) Production Plant and Terminal

Erman Ilıcak, Honorary President of Rönesans Holding

This landmark undertaking, valued at $2 billion, is expected to boost Türkiye's industrial self-sufficiency and strengthen its global trade position – reducing the country's import dependence.

The development is comprised of two distinct components financed separately by international financiers. The first is the PP production plant, being developed by Rönesans and SONATRACH (as a shareholder and feedstock supplier), with an annual production capacity of 472,500 metric tons, meeting roughly 17% of Türkiye's PP demand.

"This development exemplifies our commitment to sustainable, high-impact investments that support Türkiye's economic and industrial ambitions," said Erman Ilıcak, Honorary President of Rönesans Holding. "The Ceyhan PP Plant will not only bring hundreds of new jobs to the region but also secure a more resilient and competitive supply chain for PP, a vital raw material for industries across Türkiye and Europe. Furthermore, the fact that the project is fully financed by foreign resources highlights our ability to attract international investment, strengthening both foreign financing and FDI inflows into Türkiye."

In this regard, Rachid Hachichi, CEO of SONATRACH also stated as follows: "The decision to invest in Türkiye is mainly driven by the dynamic and expanding market demand for PP. This location proves to be ideal considering its well-established and constantly evolving industry. In-depth studies reveal favourable economic prospects and promising profitability indicators."

The second component is the terminal facility, which will be developed in partnership with Stolt-Nielsen's global bulk liquid storage business, Stolthaven Terminals, and provide jetty and feedstock storage services for the new plant and other possible future customers.

Guy Bessant, President of Stolthaven Terminals, added: "We are pleased to partner with Rönesans Holding on this landmark project. Stolthaven Terminals has more than 50 years' experience in the safe and efficient handling and storage of bulk liquids and gases, and proven expertise in developing complex and large-scale storage projects. This terminal will not only provide storage for the Ceyhan PP Plant but is also part of the DAPEK Industrial Zone which, in future, could provide storage and logistics solutions for local and international companies looking for distribution services in the region."

Strong Partnerships and Sustainable Practices

The two projects will use environmentally advanced technology to ensure production efficiency and sustainability. The PP production plant aims to achieve the world's lowest GHG emissions per tonne of PP produced globally, benefiting from 100% renewable electricity and high-efficiency production methods.

The projects have collectively attracted strong international financial backing with a loan package totalling $1.3 billion from international financiers, including, for the production plant, the U.S. International Development Finance Corporation (DFC) together with a consortium of international commercial lenders under Cesce coverage, including ING (also acting as Global Coordinator and Documentation Bank), BBVA, Denizbank AG – Austria, DZ BANK and TAEF (formerly Apicorp), with Deutsche Bank as Cesce Facility Agent and, for the Terminal, ING and BBVA under Cesce coverage along with Vakıfbank as commercial lender.

Economic Impact and Commitment to Regional Development

Türkiye is one of the world's largest PP importers, with demand led by key sectors including automotive, textiles and packaging. Currently, the total annual PP consumption in Türkiye is approximately 2.7 million metric tons, with domestic production able to supply only around 100,000 metric tons of material to the market.

The Ceyhan PP production plant will be strategically located within Türkiye's DAPEK Industrial Zone, providing logistical and financial advantages that are set to support the local economy and reduce Türkiye's trade deficit by approximately $300 million annually. The project is expected to create 4,500 construction jobs at its peak and provide 300 permanent jobs once operational.

Aligned with Rönesans Holding's core values, the project includes initiatives to enhance local skills and employment opportunities. Programmes, including a welding school established for the plant, will support education and skill-building within the region, bringing long-term benefits to the Ceyhan community and contributing to Türkiye's socio-economic development.

About Rönesans Holding

Rönesans Holding, the conglomerate's leading investment entity headquartered in Ankara, is the 53rd largest international contracting company globally and one of the largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, including subsidiaries such as Ballast Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been operating as the main contractor and investor successfully for more than 30 years in construction, real estate, concession, renewable energy and industrials. Putting resilience and growth through innovation at the core of the company, with a priority on sustainability and social development, Rönesans has developed projects supporting students with scholarships, academic platforms and initiatives; been a signatory of the UN Global Compact since 2015; and a signatory of the UN Women's Empowerment Principles since 2016.

Under the leadership of its Honorary President, Erman Ilıcak, Rönesans, along with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies, and IFC of the World Bank Group (minority shareholder in the group), has invested more than EUR 8 billion into pioneering projects globally.

About SONATRACH

Since 1963, SONATRACH has been the unwavering driving force behind the national economy, masterfully developing Algeria's hydrocarbon reserves, known as the African major, this player in the oil and gas industry derives its strength from its ability to be fully integrated group across the entire hydrocarbon value chain.

SONATRACH operates either independently or in partnership with foreign oil firms some of world's largest oil & gas fields in different regions of Algerian Sahara, Downstream activities include six active refineries, two petrochemical complexes, four LNG plants, and two LPG separation units. These production activities are fully supported and ensured by a 22,000-kilometre length network and four oil ports developed for loading and unloading large tankers with a capacity of 80,000 up to 320,000 MT.

SONATRACH aims to position itself among the top five national oil firms in the global energy industry, focusing on efficiency and profitability whilst maintaining its role as a cornerstone of the Algerian economy.

The group plan to invest over $59 billion as part of its strategy to develop its operation. This investment is expected to generate more than $68 billion in additional revenue, with 50% of with to be reinvested into renewing reserves, expending production capacity, and employee training.

About Stolthaven Terminals

With a global network of 15 owned and joint-venture terminals, Stolthaven Terminals provides five million cbm of storage and distribution services for bulk liquids including chemicals, clean petroleum products, liquified petroleum gases, vegetable oils, biofuels and oleochemicals. Stolthaven's mission is to deliver value to its customers through operating state-of-the-art terminals which complement the capabilities of its sister companies Stolt Tankers and Stolt Tank Containers, ensuring an efficient ship-to-shore interface with the aim of reducing potential demurrage costs and facilitating agile and competitive supply chains. All within an environment of assured quality, safety and environmental protection.

Stolthaven Terminals is a division of Stolt-Nielsen Limited (SNL). A long-term investor and manager of businesses focused on opportunities in logistics, distribution and aquaculture. The Stolt-Nielsen portfolio consists of its three global bulk-liquid and chemicals logistics businesses – Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers – Stolt Sea Farm and investments in LNG. Stolt-Nielsen Limited is listed on the Oslo Stock Exchange (Oslo Børs: SNI).

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