Star – Texas-based Energy Allied International is planning to invest as much as USD 3 billion in energy and petrochemicals in Turkey, according to Turkey’s Minister of Economy, Zafer Caglayan.
Back from a brief visit to Houston, Texas, Caglayan said that the US company was close agreeing on the large scale investment to produce chemicals such as ammonia and sulfuric acid using domestic coal reserves. “This investment will take advantage of Turkey’s new investment incentive system.” , Caglayan said at the press event following his visit to the US, adding that Energy Allied was also planning a coal gasification facility which would reduce Turkey’s energy imports considerably.
The planned strategic investment will create employment for 4,000 people and reduce Turkey’s imports by USD 1.5 billion a year, the Minister said.
Turkey has huge reserves of coal that it is increasingly utilizing to feed the energy demands of its growing economy. In January 2013, Turkey and UAE signed a deal to jointly develop coal fields in Afsin-Elbistan in southeastern Anatolia to generate electricity, a project that amounts to USD 12 billion.