Indian IOC unveils mega investments in Turkey
Posted by meb at March 31st, 2007
Indian Oil Corporation Ltd. (IOC) announced earlier in the week major plans for its entry into the refinery and petrochemicals business in Turkey, reported India Infoline News Service
The company is looking to set up a 15 million tons per year greenfield refinery in Ceyhan with an estimated investment of $6 billion, said IOC Director (Planning and Business Development), B. M. Bansal in New Delhi.
A pre-feasibility report had already been prepared for the refinery along the Mediterranean Coast, said Bansal, adding that this project would be basically an export-oriented one where the IOC would like to hold a majority stake.
The IOC has also bid for a majority stake in Turkey’s Petkim refinery. “A 53 percent stake in the plant is on offer and we have already submitted the expression of interest for the bidding,” Bansal said.
The IOC is also in talks for a pipeline project in Turkey, said Bansal, adding that the project worth nearly $2 billion would involve the laying of pipeline from the Black Sea to the Mediterranean Sea. IOC would pick up a 12.5 percent stake in the Samsun-Ceyhan pipeline. Work on the project will begin by the end of April.
The 350-mile and one million barrels per day line is being developed by a joint venture between Italy’s ENI and Turkey’s Çalık Energy, called Trans-Anadolu Pipeline Company (TAPCO).
Bansal said that IOC planned to spend 430 billion rupees (nearly $9.9 billion) by 2012 to expand in India and abroad. The company is also looking at other investment opportunities in Africa, Central Asian countries and West Asia and is interested in taking over a medium-sized oil producer.
source: Turkish Daily News
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