Turkey to Built Three Refineries Worth $11 Billion

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Turkey’s energy regulator announced it was planning to approve a project for the construction of three independent refineries worth $11 bln. The execution of the project will be assigned to Indian Oil Corp., OMV AG, Socar and their Turkish partners, BTA reported.

The plants will be situated around the Mediterranean port of Ceyhan, the chairman of the regulator, quoted by K2Kapital, said yesterday.

Indian Oil, the state-owned Indian refining company, and Turkish construction group Calik Holding may obtain their licenses for the building of a $ 3.9 bln refinery as soon as 25 May. The facility will have an annual capacity of 15 mln t crude oil, Yusuf Gunai, head of the energy regulatior, said.

The new refineries are expected to boost the capacity of the Turkish refinery complex by 27 mln t do 62 mln t annually. Production of the future refineries will be sold both on the domestic market and abroad.

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