Monday, September 12, 2005

Latest Bid of $4.14B in TUPRAS Auction

Latest Bid of $4.14B in TUPRAS Auction
By Cihan News Agency
Published: Monday, September 12, 2005

A $3.025-billion worth bid was made in the first round of the Tupras tender on Monday. A consortium including Royal Dutch Shell PLC (RDSB.LN) Monday fended off eight other bidders in a hotly contested privatization auction for control of Tupras (TUPRS.IS), Turkey's 500,000-barrel-a-day refinery

The Zorlu-PKN Orlen Consortium has been eliminated in the first round of TUPRAS tender after making the lowest offer.

In second elimination round, the Italian company ENI was eliminated while a highest bid of $3.225 billion bid was made.

The final bargaining on the 51 percent sale of the Turkish Petroleum Corporation is currently taking place as workers continue to protest outside.

The four or five companies which have made the highest offers are expected to participate in the final bidding. After conducting one-on-one bargaining, an open auction will be held after the receipt of revised proposals.

Four consortiums and five companies have offered bids for the privatization of the 51 percent share of Tupras.

The Privatization Board (OIB) announced on Friday that TÜPRAS Aqusition Cons. OGG-Petrol Ofisi OGG, PKN ORLEN SA (Poland)-Zorlu Holding, Koç Holding-Aygaz-Opet-The Shell Company of Turkey Ltd-Shell Oversesas Investment B.V OGG, Indian Oil Corp. (India)-Çalik Enerji OGG, OYAK, OMV Aktiengesellschaft (Austria), ENI Refining and Market Division (Italy), Anadolu Taşıma OGG and MOL (Hungary) had offered bid for the TUPRAS shares.

This will be the second privatization tender process for Tupras. The first, won by the Zorlu group, was cancelled by court order last year.

TUPRAS has posted a 293.2 million new Turkish liras ($217 million) profit for the first half of 2005.


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