Turkey's top administrative court suspended the US$4.14 billion (A3.42 billion) sale of the Tupras oil refiner to the Koc-Shell consortium Thursday after objections from a Turkish labor union.
The court said that some of the conditions of the sale failed to comply with Turkish law on privatization, halting a deal celebrated by Turkey's government as a sign of the country's commitment to its International Monetary Fund-backed privatization program.
On Thursday, a consortium led by Turkey's Koc Holding and including Anglo-Dutch oil giant Royal Dutch Shell PLC deposited billions of dollars into a Turkish government account, and took control of a 51 percent stake in the formerly state-owned refiner.
The head of Turkey's Petrol-Is Union, which represents employees in the oil and gas sector, told private NTV television Thursday that the purchase was invalid.
The Koc Holding group said it would withhold comment until it had time to evaluate the court's decision.
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SHELL PROPPED UP APARTHEID
ARTICLE: U.S. unions urge boycott of Shell to fight apartheid: 19 Jan 1986
ARTICLE: Shell, South Africa and Apartheid: 16 Oct 2012
ARTICLE: Shell propped up racist apartheid regime in South Africa: 24 Nov 2012
ARTICLE: The Neptune Strategy:Shell, propped up Apartheid in South Africa: 26 Nov 2012
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RELEVANT PAGES FROM "A HISTORY OF ROYAL DUTCH SHELL, VOLUME 3, PUBLISHED IN 2007. PREPARED BY SHELL'S PAID HISTORIANS. DEALS WITH SHELL'S SUPPORT FOR APARTHEID
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