NEW DELHI, March 28 (UPI) -- India's state-run Indian Oil Corp. says it plans to set up a 15-million ton refinery in Turkey.
The company also said it is looking for petrochemical business in South Africa and the Commonwealth of Independent States with an investment of $7 billion.
"IOC is looking at investments in Turkey in three to four projects. A team of IOC officials would be visiting Turkey soon to take a view of the situation and then unfold the plans," said B.M. Bansal, director planning and business development of the company.
Bansal said the company is looking to set up a 15-million ton refinery at Ceyhan in Turkey at an estimated investment of $6 billion. He said IOC would also bid for a majority stake in Petkim refinery in Turkey.
He said a pre-feasibility report had already been prepared for the refinery along the Mediterranean Coast.
"This project would be basically an export-oriented one where IOC would like to hold a major stake," Bansal said.
IOC made a bid, Bansal said, for the petrochemical plant of Turkey's government-controlled Petkim Petrokimya Holdings AS.
"A 53 percent stake in the plant is on offer and we have already submitted the expression of interest for the bidding," he said.
A senior IOC official said the company plans to spend $7 billion by 2012 to expand in India and abroad. It is looking at investment opportunities in Africa, Central Asia and the Middle East and is interested in taking over a medium-sized oil producer.
