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Main Page arrow News arrow Rönesans Builds World's Second Gas-to-Gasoline Plant

Rönesans Builds World's Second Gas-to-Gasoline Plant

31 January 2023
Rönesans Endüstri Tesisleri, a subsidiary of Rönesans Holding, has signed a memorandum of understanding (MoU) for the second GTG project to be built in Turkmenistan. The first GTG project entered the Guinness Book of World Records as 'The World's First Gas-to-Gasoline Plant.' Representatives of Turkmenhimya, Rönesans Endüstri Tesisleri, Kawasaki Heavy Industries, and the Itochu Cooperation all signed the MoU for the GTG-2 project.

Rönesans Holding signs MoU for GTG-2 to be built in Turkmenistan

Rönesans Holding, a company operating in the fields of construction, real estate, healthcare, energy, and petrochemicals in 30 countries across Turkey, Europe, Central Asia, and Africa, has finalized preliminary agreements for a significant project in Central Asia during the 14th Japanese-Turkmen Economic Conference held in Tokyo on December 22, 2022. The conference, chaired by Turkmenistan's Vice President and Foreign Minister, Rashid Meredov, and Itochu Cooperation Director, Hiroyuki Tsubai, was attended by the Minister for Turkmenhimya, the Minister for Turkmengaz, the Deputy Minister of Energy, the Deputy Minister of Economy, the President of the Turkmenistan Bank for Foreign Economic Affairs, the Ambassador of Turkmenistan to Japan, and representatives of Turkish and Japanese companies executing projects in the region on behalf of Turkmenistan.

After the conference, Vice President of Rönesans Endüstri Tesisleri, Osman Bozkurt, Turkmenistan Country Manager, Mehmet Kayalar, and CFO of Rönesans Endüstri Tesisleri in Turkmenistan, Erdem İrsel, signed an agreement with the state authorities of Turkmenistan and Rönesans' business partners. 

The agreement states that the world's second natural gas-to-gasoline production facility, GTG-2, will be constructed for a cost of $1.7 billion. The project will be built in Ashgabat, the capital of Turkmenistan, following the success of the first GTG plant that was constructed between 2014-2019 with Kawasaki Heavy Industries. The first GTG plant was entered into the Guinness Book of Records as the "World's First Gas-to-Gasoline Plant." The GTG-2 project will be executed with a Memorandum of Understanding (MoU) signed between Turkmenhimya, Rönesans Endüstri Tesisleri, Kawasaki Heavy Industries, and Itochu Cooperation.

After the signing ceremony, Mr. Bozkurt, expressed his satisfaction with the agreement and stated: "At Rönesans, we have significant experience in the construction of large-scale industrial facilities with registered innovative qualities. We are very proud and happy as a Turkish company to carry this experience to new projects with our strong business partners and construct large-scale industrial works in different world geographies.”

About Rönesans Group

Rönesans Holding, the conglomerate's top investment entity headquartered in Ankara, is the 38th largest international contracting company globally and the 9th largest in Europe. With operations spanning 30 countries across Europe, Central Asia, and Africa, including subsidiaries such as Ballast Nedam in the Netherlands and Heitkamp Industrial Solutions GmbH in Germany, Rönesans has been operating as the main contractor and investor successfully for 30 years in construction, real estate development, healthcare and energy. Putting resilience and growth through innovation at the core of the company, with a priority on sustainability and social development, Rönesans has developed projects supporting students with scholarships, academic platforms and initiatives; been a signatory of the UN Global Compact since 2015; and a signatory of the UN Women’s Empowerment Principles since 2016.

Under the leadership of its president, Erman Ilıcak, and Chair of the board, İpek Ilıcak Kayaalp, Rönesans, along with its partners GIC, Meridiam Infrastructure, Sojitz, Samsung C&T, TotalEnergies, and IFC of the World Bank Group (minority shareholder in the group), has invested more than EUR8 billion into pioneering projects globally.

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