OMV still considering investing in Turkey petrochemical venture

21 April 2011 16:29  [Source: ICIS news]

PRAGUE (ICIS)--OMV will go ahead with the acquisition of a minority stake in a joint venture (JV) to build a $4.9bn (€3.4bn) oil refinery/petrochemicals complex in Ceyhan, in southern Turkey, if it is economically feasible, the Austria-based company said on Thursday.

A statement from OMV regarding the company's level of commitment to the project was put out after Raiffeisen Centrobank said sources at OMV had said that the purchase of a stake was “highly unlikely”.

Last December, the bank said industry experts had become convinced Turkey would not need the Ceyhan complex, which would be comprised of a 15m tonne/year refinery and petrochemical plants, because the Socar & Turcas/Petkim project to build a refinery for the production of petrochemical feedstock in Turkey's Aliaga province was now “highly well on track”.

Last October, OMV said it was exploring the possibility of using its newly acquired Turkish subsidiary, refined oil products marketing company Petrol Ofisi, to make an investment in the Ceyhan JV.

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

($1 = €0.69)

Please visit the complete ICIS plants and projects database

By: Will Conroy
+44 20 8652 3214

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