TODAY.AZ / Business

LUKoil to build refinery in Turkey

10 July 2006 [20:12] - TODAY.AZ
Russian firm LUKoil, one of the world's largest energy companies, is planning to build an oil refinery in northern Turkey, the Turkish media reported Sunday.

LUKoil applied to the Turkish Energy Market Regulation Board for permission to construct a $2.5 billion oil refinery, and the Russian company's vice chairman, Nicolae Ciornii, met with Energy Market Regulation Board Chairman Yusuf Gunay last week to discuss the issue, Turkey's Zaman Daily Newspaper reported.

The refinery will have a processing capacity of 8 million to 10 million tons of crude oil every year, the report said. The oil will be transported from Russia and Kazakhstan, the United Press International reports.

The announcement comes during the same week that another boon to Turkey's energy economy, the Baku-Tbilisi-Ceyhan oil pipeline, is scheduled to be officially dedicated. The pipeline brings Caspian Sea oil to the Mediterranean port of Ceyhan, making Turkey an important energy corridor for Europe and the United States.

These Western countries supported the construction of the pipeline, a project of BP and the second-longest oil pipeline in the world, in the name of energy security.

A ceremony in Istanbul is planned for Wednesday, and on Thursday a ceremony will be held in Ceyhan.


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