Further details revealed for CFS’ PP project in Turkey
by ChemOrbis Editorial Team - content@chemorbis.com
According to a presidential decree published in the Official Gazette on November 27, Turkey’s CFS Petrokimya has been approved to receive an incentive for a new PP project in Mersin.
Accordingly, CFS Petrokimya will benefit from a wide range of incentive instruments that includes land allocation, value-added tax (VAT) exemption, customs duty exemption, tax deduction, as well as insurance premium support. The company will also receive interest rate support under the project-based incentive scheme.
The decree also showed that the investment period has been designated as 6 years, beginning from December 8, 2017.
Through an investment of TRY5.3 billion ($1.01 billion), the new project is expected to produce 500,000 tons/year of PP and reduce Turkey’s dependence on PP imports.
Accordingly, CFS Petrokimya will benefit from a wide range of incentive instruments that includes land allocation, value-added tax (VAT) exemption, customs duty exemption, tax deduction, as well as insurance premium support. The company will also receive interest rate support under the project-based incentive scheme.
The decree also showed that the investment period has been designated as 6 years, beginning from December 8, 2017.
Through an investment of TRY5.3 billion ($1.01 billion), the new project is expected to produce 500,000 tons/year of PP and reduce Turkey’s dependence on PP imports.
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