Talks commence on sale of 51% stake in TUPRAS

14-Sep-05

Talks for sale of 51% stake of Turkish state-owned oil refinery TUPRAS have commenced. In addition to fuel products like petroleum, gas oil, and fuel oil, petroleum products are also produced in these facilities including LPG, naphtha, solvent, engine oil, asphalt, and sulfide along with other petrochemicals like polystyrene, rubber and carbon black. In 2004-05, TUPRAS produced 22.7 million tons of petroleum products and 132,000 tons of petrochemicals. TUPRAS' sales price is estimated to be around US$3 billion (100% being US$6 billion). During the tender process, which started 2 September 2005, nine investors have offered bids. Giants competing in the TUPRAS tender are Tupras Aqusition (Israeli Origin Ofer Group) - Petrol Ofisi, PKN Orlen SA (Poland), Zorlu Holding, Koc Holding - Aygaz - Opet – Shell, Indian Oil (India) Calik Energy, OYAK , OMV Aktiengesellschaft (Austria), ENI Refining and Market Division (Italy), Anadolu Tasima, MOL (Hungary) Talks with the nine companies and consortiums participating in the tender have been completed and today the final bargaining talks will be held.