Indian Oil Corporation Ltd will undertake a detailed feasibility study on the plans to build a $4.9-billion refinery in southern Turkey. This moves follows the approval from Turkey's energy market regulator to IOC and Turkish builder Calik Holding to build a refinery in that country.
IOC in collaboration with Calik proposes to set up a 15 MMTPA grassroots integrated refinery-cum-petrochemicals complex at Ceyhan in Turkey. This is part of IOC's plans for expanding business in Turkey, Africa, West Asia and Commonwealth of Independent States. This approval marks the entry of IOC in Turkey and also this would be first time that a non-state company of Turkey will build a refinery there.
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