MOL makes binding bid for 51% of Turkey's Tüpras refinery
Monday, August 29, 2005, 00:00
Hungarian oil and gas group MOL has announced on Friday that it has submitted a binding bid for the acquisition of a 51% stake in Turkish refinery Türkiye Petrol Rafinerileri A.S. (Tüpras), the company announced on the Budapest Stock Exchange (BÉT) website.
Tüpras, the sole crude oil refiner in Turkey, has annual refining capacity of 17.6 million tons in its four units. Tüpras also has storage facilities of 4.7 million cubic metres for crude oil and other products. The company posted net sales of around Euro 6.3 billion in 2004, with net profit reaching nearly Euro 330 million. The company has a market leading position on the Turkish fuels market.
Earlier in the day Austria's OMV has made the same announcement.