Mol among 13 companies pre-qualified in Tupras privatization
Friday, June 24, 2005, 12:21
Mol is among thirteen international and domestic investors pre-qualified to compete in the privatization tender of state-run Turkish Oil Refinery (Tupras) according to a report by Dow Jones. The Turkish privatization body OIB and Tupras said in a joint statement to the Ankara stock exchange that those companies pre-selected for the tender include: Austria's OMV AG, Shell Co. of Turkey, Spanish Repsol, Poland's PKN Orlen, Indian Oil Corp., Italy's ENI and Hungary's MOL Rt besides several domestic companies. The bidding deadline is September 2. Ankara wants to hold a block sale operation for a 51% public stake in the company under the agreements with the International Monetary Fund (IMF), which ensured USD 10 billion fresh credits to the country with a new 3-year standby agreement. A former tender to privatize Tupras was canceled by a court ruling last year upon the appeal of the labor union Petrol-Is, because of a low sale price. A joint venture between Turkey's Zorlu Group and Russia's Tatneft had submitted the highest bid of USD 1.3 billion for a 65.76 % stake in the national refinery company. Tupras' consolidated 2004 net profit increased 40.3 % to 659.25 million New Lira that is USD 485 million. The company aims to exceed its year-end USD 16 billion revenue target by processing more than 25 million tons of crude oil in 2005.