1/3/2008

Indian Oil hopeful of finalizing consortium in Turkey refinery project

The New Anatolian - India's state-run refiner Indian Oil Corp is hopeful of reaching a consensus with its consortium partners over the stake-holding pattern and management control in the proposed $4.9 bln refinery project at Ceyhan. Turkey's Calik Holding is IOC's local partner in the proposed project while ENI of Italy and KazMunaiGas of Kazakhstan have confirmed their intention to participate in the project. As per the initial proposal, all four proposed stakeholders may pick up an equal stake in the refinery project with IOC and Calik having management control. IOC-Calik is also trying to rope in Azerbaijan's state oil company, SOCAR, as a minority partner in the consortium. Indian Oil currently partners ENI in the 1.5 bln USD Trans Anatolian oil pipeline project connecting the Turkish Northern Black Sea city of Samsun to Ceyhan.
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