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US firm mulls $3 bln Turkey petrochemicals investment


American firm Energy Allied International is close to agreeing to a $3 billion petrochemicals investment in Turkey, Economy Minister Zafer Caglayan said in Austin, Texas, on Thursday.

Caglayan said the government has “reached the final stage” in talks with Energy Allied for a possible $3 billion investment in Turkey's petrochemicals industry. The minister said the company expects to benefit from a government incentive scheme for its planned investment.

Also touching on an ongoing settlement process in the decade-long Kurdish issue, Caglayan said the government expects to see large-scale foreign and local investments flow into Turkey's eastern and southeastern regions.

The minister is currently in the US accompanied by a number of Turkish businessmen for talks with US counterparts over possible deals. He left for Los Angeles on Thursday.

Noting that Energy Allied was planning to establish facilities to produce coal, ammonium and sulfuric acid, Caglayan further went on to add that the anticipated investment would help reduce Turkey's imports of such materials by $1.5 billion and create jobs for 4,000 people in Turkey.

In addition, to further promote trade with the US, the government plans to open trade representative offices in separate states, he stated. Making mention of a planned Trans-Atlantic Free Trade Agreement (TAFTA) between the EU and the US, the minister reiterated his hope that the deal benefits Turkey as well.