Chinese investors in talks for Turkey mine investments

By Sibel Morrow

ANKARA (AA) - Ankara-based BDY Group, operating in wholesale liquefied petroleum gas (LPG), logistics, warehousing and, in mining, will cooperate with Chinese mining investors following on from the group's purchases of the Russian Petgaz Corp., which owns Turkey’s largest storage capacity LPG terminal of 64,150 cubic meters.

Veysel Baday, the chairman of the board of directors, said the purchase of Petgaz for $60 million in July 2020 attracted foreign companies to Turkey, including Chinese investors.

"We are now negotiating with Chinese investors for an initial capital inflow of $10 million to be used in mining, which will provide foreign capital inflow to the country's economy, " he said.

Despite the coronavirus outbreak, Baday said the BDY Group, among other Turkish companies, continued investing and expanding, and will continue to do so in the mining, construction and real estate sectors.

Baday said although the consumption of the LPG decreased in 2020 due to mitigation efforts against the coronavirus, including travel restrictions, he forecast that consumption would increase again this year after the negative effects of the pandemic are alleviated.