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IOC gets Turkish regulator's nod to build refinery

Indian Oil Corp has won the approval of Turkey's energy regulator for setting up a 4.9-billion dollar refinery in southern Turkey.

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NEW DELHI: Indian Oil Corp (IOC) has won the approval of Turkey's energy regulator for setting up a 4.9-billion dollar refinery in southern Turkey.

"Turkey's energy-markets regulatory board has approved our proposal to build a 15 million tons refinery along with Turkish builder Calik Holding at Mediterranean port city of Ceyhan," a company official said.

While the regulator gave approval to IOC-Calik proposal, it delayed nod for another 10 million tons proposal by Vienna-based OMV AG and Turkish fuel retailer Petrol Ofisi.

It also did not decide on a third application by Socar, Azerbaijan's state oil company, and Istanbul-based Turcas Petrolculuk AS for a separate 10 million tons refinery.

Turkey had planned the three refineries at Ceyhan to more than double its refining capacity to 62 million tons a year and transform Ceyhan into an export hub.

The official said IOC and Calik have joined ENI of Italy to build a 2-billion dollar pipeline from the Black Sea city Samsun to Ceyhan for transporting Central Asian crude.

The 550-km Samsun-Ceyhan pipeline will carry up to 1.5 million barrels of crude per day primarily from Kazakhstan and will replace the tanker movements through the Bosphorus straits by almost 50 per cent.

The official said a stake in the pipeline would ensure supply of crude to the proposed refinery.

IOC has also submitted a proposal to Libyan authorities for modernisation of the 220,000 barrels per day Ras Lanuf refinery. The revamp will also see the capacity rise to 60,000 b/d will cost 2-billion dollars.

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