IOC to set up refinery in Turkey; bid for Petkim's stake

New Delhi, Mar 27 (UNI) Indian Oil Corporation (IOC) today said it will set up a 15-million-tonne refinery in Turkey at an estimated cost of 5-6 billion dollars and is looking for joint venture partners.

''The greenfield refinery will be set up with an investment of 5-6 billion dollars which is going to be completed by 2012. We are waiting for a licence from the Turkey government,'' Indian Oil Corporation Director (Planning and Business Development) B M Bansal told media persons here.

He said IOC's share in the joint venture would be 51 per cent, while rest would be shared among other partners.

''The process is in initial stage. We want to have the operational rights on the refinery,'' he added.

The country's largest refiner would also bid for 51 per cent stake in Turkey government-owned petrochemicals company Petkim.

''We are looking for a majority stake in Petkim to cater to the growing demand of petrochemical products in Turkey. We have sent our Expression of Interest (EoI) for the bid,'' Mr Bansal said.

UNI