Turkish, Qatari firms to invest $5.2 bln in Turkey

ANKARA

Turkey’s Metcap Energy Investments and Qatar’s Fusion Dynamics will invest a total of $5.2 billion in Turkey, the companies said in a joint statement on April 9.

The 50-50 percent held joint venture, Metcap Petrochemicals, will build and operate a $4 billion natural gas-based chemical facility in the Thrace region.

The venture will also invest $1.2 billion in natural gas power stations in the northwestern Kırklaraeli province and the central Karaman province.

These power stations will meet some 5 percent of Turkey’s total electricity need when they become operational, according to the statement.

The companies, which inked the deal in Ankara, pledged to complete all investments until 2023.

Metcap Energy Investments reached 5,000 megawatts (MW) installed power in wind, solar and natural gas power stations in the last five years, according to the statement.