|
India's largest oil company to bid for TUPRAS |
|
|
|
|
Written by Administrator
|
|
Tuesday, 31 May 2005 |
|
India's largest oil company Indian Oil Corporation (IOC) announced that
they would make a bid for the privatization of 51 percent of public
shares for the Turkish state-owned petroleum monopoly, TUPRAS.
According to the report published in Indian newspapers, a high level
IOC official declared that they sent a letter of intent regarding the
issue to the Turkish Privatization Presidency. The IOC official also
indicated the reason for their application stating that TUPRAS is
suitable for transporting crude oil, LPG and other oil products in
terms infrastructure and logistics and noted that TUPRAS formed 86
percent of the Turkish refinery capacity with 27.6 million tons. If the
IOC purchases the company, TUPRAS will make its first operation abroad.
According to the Fortune magazine's 2004 report, IOC ranked in 189th
place among the 500 largest companies in the world ending 2003 with a
$30 billion turnover and a $1.6 billion net profit. Controlling 10 of
the 18 refineries in India, the company is responsible for the
administration of some pipelines as well. The final tender application
date for TUPRAS was confirmed for September 2. Preliminary competency
applications will be accepted on June 13. Metin Kilci, President of the
Turkish Privatization Board informed last week that around eight or
nine private investors had taken specification for TUPRAS. Other
applicants of the tender are the oil distribution company Petrol Ofisi
and the Zorlu Group whom had participated in the tender with a Russian
partner, Tatneft, was last year cancelled. Tatneft announced that they
would not participate in the tender again this time. |
