Indian Oil Corporation on $9.9 Billion Global Project Investment Quest

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Researched by Industrial Info Resources (Sugar Land, Texas). A 15 million ton per annum (tpa) oil refinery in Ceyhan on Turkey’s Mediterranean coast is one of the projects being considered by the Indian Oil Corporation (IOC) (Bombay) in a $9.9 billion international investment strategy through 2012. IOC's Director of Planning and Business Development, B.M. Bansal, said that the company was looking at three or four investment projects in Turkey and a team of company officials would be visiting the country.

A pre-feasibility study has already been prepared for the 15 million tpa (320,000 barrels per day) refinery in Ceyhan. The refinery will be export orientated, with IOC looking to hold a major stake. The project is scheduled for completion in 2012. The refinery will export products to Europe and the U.S. in addition to meeting Turkish domestic requirements.

IOC is also taking a 12.5% stake in the Samsun-Ceyhan pipeline, which will transport oil from Turkey’s Black Sea port of Samsun cross-country to the Mediterranean port. Work will begin by the end of April on the 560 kilometer pipeline which will transport 1 million barrels of oil per day. The Trans-Anadolu Pipeline Company (TAPCO), a joint venture between ENI (Italy) and Calik Energy (Turkey) is developing the pipeline project.

IOC will also bid for a majority stake in Turkey’s Petkim petrochemical refinery of which a 53% tender is out. The stake is estimated to be worth at least $500 million. IOC has expressed interest in bidding on the refinery.

IOC is also engaged in talks on a $2 billion pipeline project in Turkey which will construct another pipeline between the Black Sea and the Mediterranean. IOC is looking at equity portions in the project and is exploring the possibility of bringing multinational companies, including Japanese oil companies, into the project.

In a global strategy, IOC is looking at opportunities in Africa and Central and West Asia. In addition, IOC is considering acquiring a medium-sized oil producer. The company is considering exploration and production projects in Russia and downstream opportunities and exploration and production in Turkmenistan and Kazakhstan with its oilfield acquisition partner, Oil India Limited (New Delhi, India).

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