Construction, real estate, and energy company Ronesans Holding is in talks with Japanese companies to carry out joint projects of up to USD 3bn in value to increase its growth in foreign markets, according to Erman Ilicak, Founder and President of Ronesans Holding.
“Ronesans is also looking to buy a stake in a Japanese engineering company to further integrate our business with our Japanese partners,” Erman Ilicak told Nikkei Asia.
The joint projects with the Japan-based firms will include the construction and operation of hospitals in Kazakhstan and Uzbekistan, the production of green hydrogen from solar energy at a petrochemical industrial zone in Turkey, and the decarbonization of steel mills in some countries.
Ilicak said there are also talks with a Japanese company over selling a stake in Ronesans Holding’s petrochemical industrial zone project with Algeria’s state oil and gas produce,r Sonatrach, which is under construction in the southern Turkish town of Ceyhan.
The holding company has carried out joint projects with Japanese partners for over a decade in Turkmenistan, Russia, Algeria, and Turkey. The total value of these projects is USD 4bn, with a further USD 2bn remaining in the company’s order book, according to Ilicak.
Ronesans Holding had a consolidated revenue of USD 4.6bn in 2021 with 78% coming from outside of Turkey. Ilicak also noted that this year’s revenue is estimated to fall to USD 4.2bn, compared with a USD 5bn forecast before the Russia-Ukraine war.