Indian polyester film producer Polyplex Group is planning to invest $150m to build a polyethylene terephthalate (PET) plant in Corlu, Turkey.
Turkey's economy minister Zafer Caglayan told the Anatolia news agency that the new investment will help reduce Turkey's foreign trade deficit in the petrochemicals industry.
Construction work on the 600,000tpa PET plant is expected to start by the end of June 2012 and will take place in two phases.
Kapil Gupta, Polyplex senior vice president, said the first phase of the investment will be complete in the first quarter of 2013, while the second phase is expected to be completed by 2016.
The PET plant's annual export volume is expected to reach $1bn in three years, with 70% to 80% of the plant's products to be exported to European, American and Russian markets.
The company is also planning to invest $500m to produce the raw materials for resins within five to eight years, purchasing raw material for the resins from local suppliers such as Petkim Petrokimya Holding.
Polyplex has plants in India, Turkey and Thailand, and is currently building a facility in the US.