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IOC bids for 51% stake in Turkish co

Our Bureau

New Delhi , July 28

INDIAN Oil Corporation has submitted a bid for a 51 per cent stake in Tupras, the Turkish oil refining company, the Petroleum Minister, Mr Mani Shankar Aiyar, informed the Rajya Sabha in a written reply.

Mr Aiyar was responding to a question on whether the Government is considering any proposal to extend cooperation with Turkey in the field of oil and gas. The Minister said that during his recent visit to Turkey the two sides had agreed to establish a joint working group to promote cooperation in the oil and gas sector.

Giving details of the specific areas of cooperation, the Minister said the oil companies of both countries would cooperate in pursuing exploration and production contracts in each other's countries as well as in third countries. Turkish companies would play a lead role when partnering Indian companies in projects in Central Asia, while the Indian firms would take the lead in proposals elsewhere, the Minister stated.

While IOC has submitted a bid for stake in Tupras, an invitation has been extended to Turkish companies to invest in upcoming refinery projects in India, Mr Aiyar said.

Further, an invitation has been extended to the Indian companies to associate themselves with Turkish companies in various oil and gas pipeline proposals to bring Central Asian oil and gas resources to Europe across Turkey.

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