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.
Tupras was of major geo-political importance to India since Turkey is the gateway to Europe and could have meant access to Caspian crude. A listed, profit-making firm, it has a market capitalisation of about $3.5 billion.
Chairman and managing director, IOC, Sarthak Behuria told FE from Turkey, “IOC bid up to $4.12 billion when Shell-Koch consortia increased the bid by another $20 million. As we had exceeded our limit, we did not want to continue in the never ending process. We finally decided to opt out.” IOC was advised by Ernst & Young in this transaction.
Mr Behuria said, “I don’t call it a failure as it was an auction and we knew our limits.” He said the auction started with a bid of $3.36 billion with participation from nine companies like Repsol, Shell, ENI, IOC, OMV and others.
All the companies withdrew from the auction, leaving IOC (along with its local
Turkish partner, Caliak Energy) and Shell-Koch Holdings combine which continued till the end.
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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