OMV considers investing in Ceyhan refinery, petchem venture

25 October 2010 18:04  [Source: ICIS news]

PRAGUE (ICIS)--OMV is exploring the possibility of its newly acquired Turkish subsidiary, refined oil products marketing company Petrol Ofisi, making an investment in a refinery-cum-petrochemicals joint venture, the Austrian group said on Monday.

OMV is considering whether Petrol Ofisi should offer to buy a minority stake in the $4.9bn (€3.5bn) initiative, centred on a 15m tonne/year refinery in the port of Ceyhan in southern Turkey, it said.

Oil, gas and petrochemical group OMV signed a €1bn deal on 22 October to increase its stake in Petrol Ofisi, Turkey's largest fuel retailer, from 42% to 95.75%.

The Ceyhan project's investors so far are Turkey's Calik Holding, Kazakhstan's KazMunaiGaz (KMG) and the Indian Oil Corp (IOC).

Ceyhan is the terminus for the new Baku-Tbilisi-Ceyhan (BTC) pipeline that delivers Caspian Sea crude oil.

Petrol Ofisi could also make investments in gas and power opportunities, OMV added.

($1 = €0.71)

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By: Will Conroy
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