Industry & Economy
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Petroleum
IOC to bid for oil pipeline projects in Turkey
Our Bureau
Kolkata
,
Sept 21
INDIAN Oil Corporation (IOC) will explore the emerging opportunities for participation in the cross-country oil pipeline projects in Turkey in a joint venture with Calik Enerji Group of Turkey.
IOC had tied up with Calik to acquire majority stake in the Tupras Refinery, a $8-billion Turkish refinery company. However, the bid was won by a consortium led by Shell.
Calik group is one of Turkey's leading industrial groups with interests in gas distribution, oil exploration, banking and textiles.
The Chairman of IOC, Mr Sarthak Behuria, told mediapersons here today, "Our joint venture partner has a few offers in the pipeline sector. We are reviewing the options." He emphasised that Indian Oil would explore such opportunities only through the joint venture route.
Located between the oil rich land-locked CIS countries and the Black Sea and the Mediterranean, Turkey is witnessing an increasing number of investment proposals in cross-country oil pipelines.
As a pioneer, the Baku-Tbilisi-Ceyhan pipeline (BTC pipeline) covering a distance of 1,760 km from the Azeri-Chirag-Guneshli oil field in the Caspian Sea to the Mediterranean will start functioning soon.
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