Royal Dutch Shell Plc  .com Rotating Header Image

Shell wins auction of Turkish refinery

Energy Business Review: Shell wins auction of Turkish refinery

A consortium including Anglo/Dutch oil company Shell has won a hotly contested privatization auction of Turkish refiner Tupras with a bid reported to be just over $4 billion.

Wednesday 14 Sept 2005

13 Sep 2005, 17:41 GMT – According to reports Shell and its consortium of local allies led by Koc Holdings beat eight other suitors with their offer of $4.14 billion to secure a 51% ownership of state-owned Turkish Petroleum Corp. (Tupras). The major asset of the acquisition is a 500,000 barrels-a-day refinery in the eastern European state.

However, the competition was fierce as pre-auction predictions valued Tupras at over a billion dollars less than Shell’s winning bid. Shell faced its sternest competition from a joint venture comprising state-owned Indian Oil and Turkey’s Calik Enerji Sanayii, as well as OYAK, a Turkish industrial conglomerate.

Shell holds a 10% share in the winning consortium. Koc holds an 80% stake, while Aygaz owns 7% and Opet Petrolculuk 3%.

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “Shell wins auction of Turkish refinery”

Leave a Comment

%d bloggers like this: