IOC mulls 15 mln ton grassroots refinery in Turkey at an estimated US$6 bln

21-May-08
India's energy major Indian Oil Corporation Limited (IOCL) is likely to convey its interest in Turkey's hydrocarbon sector at a planned meeting. The plan includes the construction of a 15 mln ton grassroots refinery at Ceyhan in southern Turkey at an estimated investment of US$6 bln in a JV with Calik Energy of Turkey. To meet the purpose of establishing and operating the proposed integrated refinery-cum-petrochemical complex, Calik Energy plans to form a new company named 'Eastern Mediterranean Petrochemicals and Refining Company'. Simultaneously, an interest has been expressed in the project by Kaz MunayGaz of Kazakhstan and Eni of Italy. All the stakeholders are expected to pick up an equal share of 26% in the new company. Calik Energy and IOCL have also been deliberating on a possible co-operation in the areas of marketing of petroleum products, bunkering, and petrochemical marketing in Turkey.
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