India's state-run Indian Oil Corp (IOC) and Calik Enerji of Turkey have applied for a license to build a 15 mln tpa refinery cum petrochemicals complex at Ceyhan in Turkey. Investment costs for the project are estimated at US$ 4.9 bln.
IOC board will take up the proposal to form a joint venture and approve the capital investments in the project when the license is received. Appointment of consultants to conduct a detailed feasibility report on the project will follow the receipt of the license. IOC is to have a majority stake in the JV and will be the partner responsible for bringing in expertise in downstream activities like refining and petrochemicals apart from operating pipelines.
IOC arrived at a decision to partner the US$3 bln Calik Group in a refinery cum petrochemical complex along with a crude pipeline project in a joint venture.
The Calik Group is one of Turkey's leading industrial group with interests in gas distribution, oil exploration, banking and textiles, along with owning oil blocks in Turkmenistan.
04-Aug-06 
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