Tuesday, May 13, 2008

Koc Holding denies sale speculations for oil refinery Tupras.

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Koc Holding denies sale speculations for oil refinery Tupras. Local conglomerate Koc Holding denied a media report suggesting that the Group would sell its majority stake in the oil refinery Tupras. One of the local financial weeklies Para claimed at the weekend that the Russian oil company Lukoil made a bid to purchase to majority stake of the refiner. According to Para , Lukoil contacted Tupras six months ago and offered USD 6bn. The Russian company allegedly increased its offer to USD 8bn later on after Koc insisted on a price tag of USD 10bn, the weekly reported. Head of Koc Holding’s investor relations department, Funda Gungor, dismissed the claims. Koc Holding and group companies had acquired 51% of Tupras in a consortium with oil company Shell in a privatisation deal in 2005 offering USD 4.14bn. Istanbul Stock Exchange listed Tupras ranks first in Istanbul Chamber of Commerce’s top 500 industrial institutions list.

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Koc Holding denies sale speculations for oil refinery Tupras.

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