India's Largest Oil Company Plans To Buy Tupras

NEW DELHI (AA) - Indian Oil Corporation (IOC), the country's largest oil firm, has announced today (Monday) that it would like to purchase 51 percent of Turkish Petroleum Refineries Corporation's (TUPRAS) shares.
     According to news in the Indian newspapers, a high level IOC official indicated that the IOC has sent a letter to the privatization administration of Turkey in regard to their desire to acquire 51 percent stake in TUPRAS.
     ''TUPRAS is ideally positioned from the standpoints of infrastructure, location, and logistical support for importation of crude oil, LPG and other petroleum products,'' an IOC official said.
     The official added that with the total processing capacity of all refineries in Turkey amounting to 32 million tones a year, TUPRAS, on its own possesses some 86 percent of the country's total refinery capacity.
     If the IOC acquires TUPRAS shares, this would be its first foreign investment. IOC is ranked 189th biggest company in Fortune magazine's top 500 firms. IOC had sales worth 30 billion USD in 2003 and a net profit of 1.6 billion USD.
     (SOL-MS)
2005-05-30