Archive for January, 2010
Turkish energy giant to establish refinery in northern Iraq
A Turkish oil exploration and production company active in northern Iraq plans to establish a refinery with a capacity of 60,000 barrels this year in the city of Koya, near the Taq Taq oilfield.
Genel Enerji, owned by Çukurova Holding, one of Turkey’s largest conglomerates with investments in the automotive, telecommunications, media, textile, energy and information-technology services sectors, is seeking loans for the refinery’s cost of $510 million.
The firm, which has the authority to establish a refinery and conduct oil exploration in the Taq Taq field as a part of its deal with the Kurdish administration in northern Iraq, has prepared a report titled “Midstream Opportunity in Kurdistan” for the refinery investment.
According to the report, which was acquired by daily Milliyet, the refinery is expected to be built in three phases and will cost $510 million. The Regional Kurdish Administration supports investments in order to cover northern Iraq’s oil demand and export oil. Read the rest of this entry »