[ecr]

The official announcement took place during the ceremony held at Sonatrach’s headquarters in Algiers, in the presence of Sonatrach’s CEO, Rachid Hachichi, and his counterpart, Erman Ilicak, said the same source.

The project includes a complex in the Ceyhan petrochemical industrial zone in Turkey's Adana province, with a propane dehydrogenation (PDH) unit, a polypropylene (PP) unit and shared facilities for utilities and storage.

Sonatrach will hold a 34% stake in the project through its international subsidiary, Sonatrach Petroleum Investment Corporation (SPIC BV), said the press release.

In accordance with a long-term agreement based on prevailing global market prices, Sonatrach will ensure the supply of raw material, namely, propane. Meanwhile, Ronesans Holding will hold a 66% stake in the project.

“The PDHPP project in Turkey is part of Sonatrach’s strategic objectives of international expansion, diversification, and enhancing the value of hydrocarbons, particularly in the petrochemical sector,” emphasized Sonatrach.[/ecr]