Turkey regulator approves IOC Ceyhan complex

31 May 2007 14:38  [Source: ICIS news]

PRAGUE (ICIS news)--State-run Indian Oil Corp (IOC) has won the approval of Turkey’s energy regulator for setting up a $4.9bn (€3.6bn) refinery-cum-petrochemicals complex in southern Turkey.

 

Turkey’s energy markets regulator said on Thursday it had given the go-ahead to Indian Oil Corp (IOC) and Turkish construction group Calik Holding to build a 15m tonne/year refinery in the Mediterranean port city of Ceyhan, Turkey.

 

State-run IOC and Calik intend to supply Turkish chemicals maker Petkim Petrokimya with feedstock from the $4.9bn refinery, to be put into operation from 2012.

 

IOC hopes to win an ongoing privatization tender for 51% of Petkim in a joint bid with Calik.

 

Turkey is planning to allow the construction of several refineries and petrochemical units in and around Ceyhan as it bids to make it an export hub driven by Caspian Sea crude sourced through the new Baku-Tbilisi-Ceyhan (BTC) pipeline.

 

($1=€0.74)

By: Will Conroy
+44 20 8652 3214

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