Middle East Economic Survey

VOL. XLVIII

No 38

19-September-2005

TURKEY

Shell-KOC Consortium Makes Highest Bid Of $4Bn For Tupras Refinery

A consortium consisting of Shell and Turkeys KOC holdings on 12 September made the highest bid of $4.14bn in an auction for a 51% stake in state-owned refinery Tupras which is valued at around $3bn. Turkeys Privatization Authority had received nine bids from four consortiums comprised of: Turkish retailer Petrol Ofisi and the Tupras Acquisition Consortium (TAC);...