IOC bids for Turkish chemical maker

The state-run refiner may get Turkey’s Calik Group for making a joint bid for Petkim, he said. The company plans to spend Rs 43,000 crore by 2012 for expansion in India and overseas. It is scouting for investment opportunities in Africa, Central Asian countries and Middle East and is interested in taking over a medium-sized oil producer, he said.

The company has previously made failed attempts to acquire French firm Maurel & Prom and Canadian Niko Resources.

Turkey invited bids for a majority stake in chemicals maker Petkim worth at least $500 million on March 16. Offers are due till June 15.

Petkim produces raw material for a range of products from plastic bags and textiles to polyvinyl chloride (PVC) and detergents.

It is the only producer of such materials in Turkey, where imports account for about 70 per cent of the market. It exports about a quarter of its output.

Bansal said IOC also plans to build a 15 million tonnes refinery at Ceyhan on the Mediterranean Sea. The refinery to be build by 2012 is targeting export markets in the US and Europe.

IOC will hold 51 per cent stake in the refinery project and is looking for a partner which has assess to oilfields in the Central Asian region or Russia to service the refinery.

“We want to integrate the refinery with Petkim (refinery products being feedstock in petrochemical plant),” he said. The refinery will also have Calik Energy of Turkey as a partner.