Indian Oil Giant to Set up Refinery in Turkey

The Indian Oil Chairman (IOC), Mr. Sarthak Behuria, said in corporation with Turkey they may build a refinery with the capacity of processing 120,000 barrels of crude oil a day. Indian Oil had previously partnered with Calik Energy for the TUPRAS privatization, a state-run Turkish petroleum monopoly. This time, President of Turkish Petroleum Corporation, Osman Saim Dinc, said they plan to bid together with the Indian company for the construction of oil blocks that are planned for Libya. Dinc told the reporters in New Delhi, "We expect to bid together with the IOC for Libya and other countries in 2006". The Indian Oil Minister Mani Shankar Aiyar will meet on Thursday with top level authorities from Turkey, Russia, Kazakhstan, and Azerbaijan; countries defined to be significant in Central Asian energy resources. Turkish Minister of Natural Resources, Hilmi Guler, and many officials from China, Japan, and South Korea are expected to attend the top level meeting. India is the third on the list of maximum oil consuming countries in Asia.

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