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Tue 27 May 2008, 08:10 GMT

IOC mulls bunker partnership in Turkey


Indian Oil Corporation considers possible marketing agreement with Turkish energy firm.

Indian Oil Corporation (IOC) is reportedly deliberating over the possible co-operaton with Calik Energy to supply marine fuels in Turkish ports, according to recent reports.

IOC is understood to be interested in entering into a marketing agreement with the Turkish energy firm, which would see both companies collaborate in the sale of petroleum and petrochemical products in Turkey and would also include the supply of bunker fuel.

IOC has also firmed up its plans to jointly set up a 15 million tonne per annum grassroots refinery and petrochemical complex in Ceyhan, southern Turkey with Calik Energy. The total cost of the project has been estimated at $6 billion.

For the purpose of establishing and operating the integrated refinery-cum-petrochemical complex, Calik Energy is likely to form a new company named Eastern Mediterranean Petrochemicals and Refining Company. Kaz MunayGaz of Kazakhstan and Eni of Italy have also shown interest in participating in the project.

Also being considered is the development of a transportation route from Turkey to India via Israel. IOC is understood to be currently in the process of considering a number of strategic options in the Mediterranean.

IOC was also reported to be taking a 12.5 percent stake in a pipeline project which would transport oil from the Black Sea port of Samsun to Ceyhan on the Mediterranean coast. The project is being developed by Trans-Anadolu Pipeline Company (TAPCO), which is a joint venure between Calik Energy and Eni.

Sources close to the deal have reported this week that the state-run Indian oil company will not be taking part in the project. Royal Dutch Shell Plc is now understood to be close to signing a deal with Calik Energy and Eni for an undisclosed stake in TAPCO.

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