IOC acquires 12.5 % stake in TAPCO

Dec 08, 2006 01:00 AM

Indian Oil Corporation (IOC) has picked up a 12.5 % stake in the Trans-Anatolian Pipeline. The latter is involved in building a pipeline between the Black Sea Port of Samsun and Ceyhan in Turkey.
IOC will “participate in the Samsun-Ceyhan crude oil pipeline project by acquiring 12.5 % of the shares of the Trans-Anatolian Pipeline Company (TAPCO),” according to the company.

However, the company has not disclosed the price at which the acquisition is being made. TAPCO is currently owned by ENI of Italy and Calik Enerji of Turkey on a 50:50 basis. The entire deal package has been agreed in principle and will be submitted soon for the requisite corporate approvals of the respective companies.
“Indian Oil feels that its participation in this project will boost the company’s growth beyond its domestic borders and aid in realisation of its vision of becoming a transnational, integrated energy company,” IOC chairman Sarthak Behuria said.

The 550-km pipeline requires an investment of $ 1.5 bn and will have a capacity to carry 1.5 mm barrels of crude oil a day. The development of the project is already under way. IOC’s participation in the ENI/Calik joint venture is likely to consolidate this partnership, which aims at by-passing the Turkish Straits.
Upon completion, the Samsun-Ceyhan pipeline will ensure expeditious, safe and economical export of crude oil from the Black Sea to the Mediterranean Sea in an environment friendly manner.

Source: timesofindia.indiatimes.com
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