NEW DELHI: Indian Oil Corporation (IOC) on Tuesday announced major plans for making a foray into the refinery and petrochemical business in Turkey apart from looking at investments and similar business opportunities in Africa, Turkmenistan and the Commonwealth of Independent States (CIS) countries with an investment of around Rs. 43,000 crore.

Addressing a press conference here, IOC Director (Planning and Business Development), B. M. Bansal, said the company was looking at investments in Turkey in three to four projects. A team of IOC officials would be visiting Turkey soon to take a view of the situation and then unfold the plans. He said the corporation was looking for setting up a 15 million tonne refinery at Ceyhan in Turkey at an estimated investment of $6 billion. The company said it would also bid for majority stake in Petkim refinery of Turkey.

Mr. Bansal said a pre-feasibility report had already been prepared for the 15 million tonne refinery along the Mediterranean Coast. This project would be basically an export-oriented one where IOC would like to hold a major stake. Similarly, Mr. Bansal said IOC had made a bid for the petrochemical plant of Turkey's state-run Petkim Petrokimya Holdings AS. "A 53 per cent stake in the plant is on offer and we have already submitted the expression of interest for the bidding."

Stating that IOC was in a crucial stage of expanding its assets in India and abroad, Mr. Bansal said talks were on for a pipeline project in Turkey. The project, estimated at $2 billion, would involve laying of pipeline from the Black Sea to the Mediterranean Sea. The equity portion of this project was yet to be decided and IOC was exploring the possibility of involving multinational companies, including some Japanese oil companies.

He said the corporation planned to spend Rs. 43,000 crore by 2012 to expand in India and abroad. It is looking at investment opportunities in Africa, Central Asian countries and West Asia and is interested in taking over a medium-sized oil producer. Turkey invited bids on March 16 for a majority stake in Petkim worth at least $500 million.

IOC was also picking up 12.5 per cent stake in Samsun-Ceyhan pipeline, which would transport oil from Turkey's Black Sea port of Samsun to Ceyhan on the Mediterranean coast, Mr. Bansal added. Work on the project will begin by April-end. The 350-mile and one million barrels per day line is being developed by a joint venture between Italy's ENI and Turkey's Calik Energy, called Trans-Anadolu Pipeline Company (TAPCO). IOC, along with its partner for oilfield acquisition, Oil India Limited, was also scouting for upstream exploration and production opportunities in Kazakhstan and Turkmenistan, he added.

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