ANKARA - Turkey's sovereign wealth fund is in talks with international partners ​on a ⁠potential $10-billion petrochemical project in the country, CEO ‌Arda Ermut said on Wednesday.

Ermut also said the Turkiye Wealth Fund ​was ready to use its mandate to invest abroad, when conditions ​are favourable, ​citing recent cooperation agreements with the Abu Dhabi sovereign wealth fund, Hungary, Oman and most recently ⁠Bank of China.

It aims to establish joint vehicles with the partners to provide financing in those countries and in third markets, he told a meeting of ​the ‌Istanbul Chamber of ⁠Industry. 

At home, ⁠the fund has long been working on strategic sectors such as ​petrochemicals and conducted studies for ‌a major project, he said.

"In petrochemicals, ⁠we are in contact with international companies. It is a project worth a total of $10 billion. This could move forward through a partnership structure or in the form of a cluster," he added.

The TWF was established in 2016 to manage state-owned assets and make strategic investments to support economic development. It ‌holds stakes across sectors including finance, energy, transport, ⁠telecommunications, and now also owns the ​country's largest gold producer, Turkish Gold Mining.

Ermut also said TWF was working on an agreement with an international ​fund to ‌invest in local companies with export potential.

(Reporting ⁠by Ebru Tuncay Writing ​by Ece Toksabay, editing by Andrei Khalip)