Middle East Economic Survey

VOL. XLVII

No 49

6-December-2004

TURKEY

Turkish High Court Annuls Tupras Sale

Turkeys Council of State (Danistay) ruled on 26 November to uphold a decision by a lower court to annul the sale of state-owned refiner Tupras to a consortium comprised of the German chemical company Efremov Kautschuk, an affiliate of the Russian oil company Tatneft, and Turkeys Zorlu Group. The consortium won a privatization bid for the governments 65.76% of the refiner for $1.302bn earlier...