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IOC may build $5 bn refinery in Turkey

07 Feb 2011 Evaluate

Indian Oil Corporation (IOC) is interested in building a $5 billion refinery in Turkey and is currently carrying out feasibility work on the project on setting up of 15 mt refinery. IOC and Oil and Natural Gas Corporation (ONGC) are interested in exploring for oil and natural gas in Turkey.

The Delhi-based company had previously planned to build a refinery with Turkey's Calik Holding at the Mediterranean port of Ceyhan, where pipelines carrying Iraqi and Azeri crude terminate. Plans for that plant were put on hold during the global financial crisis in 2008.

India imports about 70% of its oil and gas and is interested in exploring for new sources.Turkey has tiny amounts of gas and oil reserves, requiring it to import about 95% of the fuels.But the government has agreed in recent years with US-based Chevron and Brazilian state oil company Petrobras to look for gas off its Black Sea coast.crackcrack

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