Turkey is moving forward with plans to turn the port city of Ceyhan into a major hydrocarbons hub, approving the construction of a third refinery.
The Energy Market Regulatory Authority has approved a joint venture between Turkey's Turcas and Azerbaijan's Socar to build an oil refinery and petrochemical center in Ceyhan, a Mediterranean port.
Asian News International reports the plant will cost $4.5 billion and have the capacity to refine more than 73 million barrels of crude annually.
The Turkish regulator has already approved two similar facilities, one to be built by Calik Energy of Turkey and the Indian Oil Corp., the other by Turkey's Petrol Ofisi and Austria's OMV.
Ceyhan is already a major hub in Turkey, a top transit country for the world's oil and gas. The Baku-Tbilisi-Ceyhan pipeline ends there, as does a major pipeline from Iraq's northern oil fields, though sabotage in Iraq has rendered that useless.
Güncelleme Tarihi: 05 Ağustos 2007, 11:24