Ankara, Turkey – The CEO of Turkey’s sovereign wealth fund, Arda Ermut, announced on Wednesday that the fund is in talks with international partners regarding a potential $10 billion petrochemical project. He indicated the fund’s readiness to utilize its investment powers abroad when conditions are right.
International partnerships and financing
Ermut explained that the fund recently signed cooperation agreements with Abu Dhabi’s sovereign wealth fund, as well as with Hungary, Oman, and the Bank of China. These agreements aim to establish joint mechanisms for providing financing in Turkey and other markets.
The importance of the petrochemical sector
He added that the fund has long been active in strategic sectors such as petrochemicals. He also explained that the anticipated project could be implemented through a partnership or consortium structure, and aims to enhance Turkey’s export capacity and expand its vital investments.
Local and international projects
Ermut noted that the fund is seeking agreements with international investment funds to support local companies with export potential. He emphasized the fund’s role in managing state-owned assets since its establishment in 2016. He also highlighted its role in supporting economic development through strategic investments in finance, energy, transportation, and telecommunications, including its ownership of the country’s largest gold producer, Turkish Gold Mining.
