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AP Worldstream: Turkey suspends US$4.14 billion sale of Tupras oil refiner to Koc-Shell consortium

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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