Gulf investors seek to join Tupras bidding

RIYADH—A group of Saudi and Kuwaiti firms are holding talks with a view to joining the bidding for a stake in Turkish state refiner Tupras TUPRS.IS, BMG Financial Advisors Group said yesterday.

By (Reuters)

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Published: Fri 26 Aug 2005, 12:42 PM

Last updated: Thu 2 Apr 2015, 4:16 PM

“We are talking to three leading Turkish groups right now ... and hope to have reached an agreement by Monday,” Basil Al Ghalayini, CEO of the Saudi-based advisory firm said. “What we are aiming for is 12.5-13 per cent of the total value of Tupras, or 20 per cent of the stake on offer,” he told Reuters. A 51 per cent stake in Tupras is slated for sale. Ghalayini said the Gulf investors included three groups from Saudi Arabia and one from Kuwait. He said talks were being held with Turkish firms Cukuova, Petrol Ofisi and OYAK. August 29 is the deadline for firms to inform the Privatisation Administration (OIB) about the make-up of the consortiums in which they will participate in the tender. The deadline for submitting price bids is September 2


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