IOC’s desire to build a refining and petrochemical base in Turkey makes interesting reading.
The plan is make a joint bid with Turkey’s Calik Group for the government’s stake in Petkim and also construct a 15m tonne/year refinery at Ceyhan for completion in 2012.
IOC had expressed interest in Turkey a year back and the Turkish government’s plan to sell its stake in Petkim dates back to 1999. Sale efforts were relaunched last year and the government’s target is complete the process by 15 June 2007.
I can understand IOC’s desire to develop a global footprint. But would it not be better for the company to instead focus on its refinery and petrochemical projects in India, especially as some of the projects are facing significant delays.