ANKARA - German chemicals distributor Efremov Kautschuk GmbH on Tuesday made the highest bid of 1 billion 302 million U.S. dollars in partnership with Turkish electronics and textiles giant Zorlu Holding to buy 65.76 percent stake of the state in the Turkish Oil Refineries Corp (Tupras).
Bids by other companies were not disclosed but the offer by Anadolu Joint Initiative Group was also above 1 billion U.S. dollars, sources said.
The auction commission chairman announced that the auction was finalized technically. Later, Privatization Administration (OIB) Chairman Metin Kilci told a statement that results would be presented to the Higher Board of Privatization (OYK) following the permission of the Competition Board.
OIB officials told the A.A that estimated value of Tupras was nearly 2.6 billion U.S. dollars but the state's 65.76 percent share in the company was currently equal to nearly 1.2 billion U.S. dollars so the consortium's top bid was 'good offer'.
Meanwhile, the auction commission is expected to send its the decision to the Competition Board on Wednesday.
The Competition Board has a 21-day period to review the decision. If the board gives permission to such a privatization, it sends its decision to the OYK, and OYK gives the final decision. After OYK's decision is published in the Official Gazette, the OIB calls the winning company or consortium to sign a contract within 45-60 days.
(MS) 13.01.2004