Indian Oil to bid for Petkim – report

28 March 2007 07:58  [Source: ICIS news]

SINGAPORE (ICIS news)--Indian Oil Corp (IOC) has submitted an expression of interest to buy Turkish chemicals maker Petkim Petrokimya and to build a $6bn refinery, according to a Times of India report on Wednesday.

“We have put in an EoI (expression of interest)…. I would like to believe Indian Oil will bid jointly with the Calik group with whom we have a strategic partnership,” BM Bansal, the main in charge of finding new businesses for IOC was quoted as saying in the report.

IOC planned to build a 15m tonne/year refinery at Ceyhan on the Mediterranean Sea, he said, adding that this would be ready by 2012.

“The proposed refinery will feed raw material to Petkim. Once the synergy is there, we can look at retailing,” he said.

An IOC spokesman declined to comment while Petkim could not be reached immediately for comment.

Turkey’s privatisation board has set 15 June as a deadline, hoping to attract bids from a sufficient amount of companies for Petkim.

Prema Viswanathan contributed to this article.

By: Florence Tan
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