Turkey's Hattat Holding Signs Partnership Agreement with China's Avic, CPIC

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Researched by Industrial Info Resources (Sugar Land, Texas)--Turkey's Hattat Holding (Istanbul, Turkey) has signed a $2 billion agreement with Avic International Holding (Beijing, China) and China Power Investment Corporation (CPIC) (Beijing) for the construction of three 660-megawatt thermal power plants.

The parties signed the agreement in Beijing, China, during the Turkish Prime Minister Tayyip Erdogan's official visit. The power plants will be built in Bartin, a northern province of Turkey, on the Black Sea coast. According to the agreement, the joint venture will produce 5 million metric tons of coal a year from pits in the town of Amasra, an amount that will be raised to 10 million tons in the near future.

"This project will decrease the charcoal imports of the country by $1 billion, which costs Turkey $4 billion annually. This project will create employment for 11,000 people in the region," said Mehmet Hattat, chairman of Hattat Holding, in a press statement. He did not give a time frame for the completion of the project. Hattat Holding has interests in mining, automotives, energy and tourism. With 17 companies, the group employs about 5,000 people.

Wind Power Plant Agreement

Separately, construction company Agaoglu Group (Istanbul) and Sinovel Wind Group (Beijing) agreed to build a 600-megawatt windfarm in Turkey, the Economy Ministry said on Tuesday.

According to an e-mailed statement, the project will be completed by the end of 2015 and will be financed by China Development Bank for $6.5 billion. No other investment details were provided in the statement.

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