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Wednesday, January 27, 2010     FOR YOUR EYES ONLY

Turkey plans oil refinery in northern Iraq

ANKARA — A leading Turkish company intends to construct a refinery northeast of Kirkuk, Iraq.   

Turkey's Genel Enerji plans to build a refinery with a capacity for 60,000 barrels in Iraq in 2010.

The company plans to locate the facility in the northern Iraqi city Koya near the Taq Taq oil field, 60 kilometers northeast of Kirkuk.

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Executives said Genel has sought a loan to finance the refinery, estimated at $510 million.

They said the Kurdish Regional Government has approved the three-stage refinery project, including the development of Taq Taq.

Genel plans to launch the first stage of refinery operations in 2011 and reach initial capacity of 40,000.

Full capacity was scheduled to take place the following year.

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