Erdemoglu Holding, a leading Turkish conglomerate, has announced plans to invest $25 billion over the next decade in a major petrochemical project in Yumurtalik, Adana. This ambitious venture aims to leverage the country's growing oil production, particularly from the high-quality Gabar oil fields in southeastern Turkey, to reduce reliance on petrochemical imports.

The first phase of the SASA Yumurtalik Project, with an initial investment of $5.5 billion, is set to commence in 2026. Upon completion, the facility will transform crude oil into a wide range of products, from raw materials and intermediates to finished goods like yarn.

Ibrahim Erdemoglu, Chairman of the Board of Directors of Erdemoglu Holding, emphasized the importance of domestic oil production in this initiative. "We will produce petrochemical products using crude and condensate oil from within Turkey," he stated. "We are particularly interested in learning about the five-year plans for Gabar's oil wells to ensure a stable supply for our operations."

Turkey currently imports $22 billion worth of petrochemical products annually. Erdemoglu believes that the SASA Yumurtalik project has the potential to significantly reduce this reliance on imports. "By utilizing domestic oil resources, we can strive towards energy independence and boost the Turkish economy," he added.

The company also plans to establish a refinery with an initial processing capacity of 6.5 million tons per year, with the goal of increasing this to 13 million tons in the future. This would significantly reduce the need for imports of critical products such as diesel and LPG.

As of November, Turkey produced 3.425 million barrels of crude oil, with Gabar contributing half of this output. Gabar is renowned for producing high-quality oil, with daily production exceeding 61,000 barrels.

Erdemoglu Holding is a prominent Turkish conglomerate with a diversified portfolio across various industries. Notably, the holding company encompasses SASA, a leading player in the global polyester industry. SASA's position as one of the top producers outside of China and India signifies its significant market share and competitive standing within the international polyester market.

Polyester, a versatile synthetic fiber, finds extensive use in a wide array of applications, ranging from clothing and textiles to industrial products. Furthermore, Erdemoglu Holding owns Merinos, a renowned carpet manufacturer that holds a substantial 7% share of the global carpet market. This significant market share underscores Merinos' dominance and strong brand presence within the international carpet industry. The company's valuation at $2 billion further emphasizes its substantial size and financial success.

This significant investment underscores Turkey's commitment to developing its energy sector and reducing its reliance on foreign imports. The SASA Yumurtalik project is expected to have a major impact on the Turkish economy, creating jobs and boosting domestic production.