IOC sets aside plans of an oil refinery in Turkey; to focus on acquiring overseas hydrocarbon asset

Indian Oil Corp had earlier announced plans to set up a 15 mln ton integrated refinery-cum-petrochemicals complex at Ceyhan, Turkey at an investment of US$6 bln. IOC has decided to set aside plans of establishing an oil refinery in Turkey as it does not intend to sink in all its funds in one single project. The state owned oil major is switching priorities to currently focus to acquire a hydrocarbon asset overseas, preferably East Africa, along with Oil India Ltd. IOC is to currently focus on its core activity of fuel refining and marketing as well as increasing refining capacity in the domestic market. In line with that it is completing the US$6.2 bln Paradip refinery project, scheduled for commissioning in March 2012 and start up scheduled 5-6 months thereafter. A decision on the planned petrochemical project in Paradip will betaken only in 2011-12. IOC is likely to increase capacity of its Gujarat refinery by 30% to 18 mln tons. A total investment outlay of Rs 35,000-40,000 crore in petrochemical operations has been planned over the next 10 years. IOC also plans to increase its investment in new ventures, such as wind and solar power generation.
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