IOC Likely To Admit Third Partner In Turkey Refinery

Kolkata: IndianOil likely to include third partner in the proposed 15-million-tonne integrated refinery in Turkey. The Indian refiner has made a 51:49 joint venture with Calik Holding of Turkey to establish the export-oriented project at the port city of Ceyhan in Southern Turkey at an approximate cost of $4.9 billion. Te project may need close to $1.5-billion equity investment at the industry benchmark of 70:30 debt-equity for refinery projects. The Energy Market Regulatory Authority of Turkey has recently sanctioned a preliminary clearance to IOC-Calik combine to set up the project. The final approval will be available once the detailed feasibility report (DFR) is submitted by the end of this fiscal or early 2008-09. The refinery will be fed by oil transported by $1.5-billion oil pipeline Trans Anatolian Pipeline Project from the Turkish Northern Black Sea city Samsun to Ceyhan. IOC has secured 12.5 per cent participatory interest in the pipeline, promoted by ENI of Italy and Calik.