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Fri, 2 February 2007
THE Indian Oil Corporation (IOC) is reported to have bought a 12.5% share in the Trans-Anatolian Pipeline, which will run from the Black Sea port of Samsun to Ceyhan in Turkey. IOC will “participate in the Samsun-Ceyhan crude oil pipeline project by acquiring 12.5% of the shares of the Trans-Anatolian Pipeline Co (TAPCO),” according to a company statement.
However, the company has not disclosed the price at which the acquisition is being made. TAPCO is currently owned by Eni of Italy and Calik Enerji of Turkey on a 50-50 basis. The entire deal package has been agreed in principle and will be submitted soon for the requisite corporate approvals of the respective companies.
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