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Malaysia Star: Koc-Shell consortium pays US$4b for 51% of Turkish oil refinery

Jan 27th, 2006
by admin.

ISTANBUL: A consortium led by Turkey's Koc Holding and including Anglo-Dutch oil giant Royal Dutch Shell PLC officially purchased a controlling stake of Turkey's state-owned oil refiner Tupras on Thursday, a state-run news agency reported.
Paying US$4.14 billion (euro3.35 billion) to the country's Privatization Administration, the consortium officially took control of the 51-percent stake, according to Anatolia.
The payment valued Tupras at around US$8.1 billion (euro6.56 billion).
The consortium had outbid eight other competitors in 11 stages of bidding for what was one of the most important sales on Turkey's privatization agenda.
Koc Holding holds 75 percent of the consortium's shares, while Turkish gas company Aygaz has 20 percent and several other companies – OPET Petroleum, Shell Overseas Investment and the Shell Company of Turkey – all have less than 5 percent, Anatolia said.
The Koc family that runs Koc Holding placed 103rd on Forbes' 2005 list of the world's richest people. – AP

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