Indian Oil Corporation (IOC) has bid to acquire Turkeys giant petroleum refinery, Tupras, which has a combined processing capacity of 27.6 million tonne per annum (mtpa). Tupras owns four refineries, Izmit, Izmir, Kirikkale and Batman. IOC has submitted a letter of intent to the Turkish Privatization Administration to acquire 51% in Tupras, for which 11 other local and international oil firms are in the fray.
It is the second time that block shares of Tupras have been put on sale. The first time the tender was held for the block sale of some 65.76% of shares, Efremov Kautschuk GmbH (Tatneft-Zorlu Group) made the highest offer at US$ 1.3 billion and its sale was approved by the Supreme Privatization Board, but the Council of State nullified it saying it went against the public interest.
Four local firms, Zorlu Group, Petrol Ofisi (POAU), Oyak and Opet, and seven international firms or consortiums, besides IOC have applied to obtain the details and conditions for the tender. The international firms include Rlicciac Roncn Italys ENI Spa, Austrias OMV and some joint consortiums involving US firms and Shell.