The Financial Express (India): Shell beats IOC to bag Tupras
“Indian Oil Corporation (IOC) on Monday lost the race to acquire 51% in Tupras (Turkish Petroleum Refineries Corp) to a consortium of Shell and Turkish company Koch Holdings. The Shell-Koch Holdings consortium won the auction for $4.14 billion.”
Tuesday, September 13, 2005
ENERGY BUREAU
Posted online: Tuesday, September 13, 2005 at 0033 hours IST
NEW DELHI, SEPT 12: Indian Oil Corporation (IOC) on Monday lost the race to acquire 51% in Tupras (Turkish Petroleum Refineries Corp) to a consortium of Shell and Turkish company Koch Holdings. The Shell-Koch Holdings consortium won the auction for $4.14 billion.
This is India’s second major failure to acquire a global oil and gas property in less than a month. The ONGC-Mittal combine had recently lost in the bid to acquire Canada-based Petro-Kazakhstan to China’s CNPC.