Petrol Ofisi Plans New Company For Ceyhan Refinery Application
Turkey’s largest refining company, Petrol Ofisi, has informed the Istanbul Stock Exchange that it will form a new company in order to re-apply with Austria’s OMV for permission to build a new refinery at Ceyhan. Turkey’s Energy Market Regulatory Authority (EMRA) failed to approve the initial Petrol Ofisi/OMV application for a 200,000 b/d refinery worth $2bn at Ceyhan due to Petrol Ofisi’s status as the largest retailer in the country. EMRA said it would give Petrol Ofisi too much influence in the market. OMV holds 35% of the Turkish firm. The new arrangement should enable the partners to obtain a license. In late May EMRA awarded a license to Calik Enerji and Indian Oil Corporation (IOC) for a 300,000 b/d refinery at Ceyhan (MEES, 4 June). An application for a refinery and petrochemical project at Ceyhan put forward by a joint venture formed by Turkey’s Turcas and Azerbaijan’s Socar is pending.
