Corrected: Tupras ordered to pay €307m in back taxes and penalties

20 October 2010 17:34  [Source: ICIS news]

Correction: In the ICIS story headlined "Tupras ordered to pay €307m in back taxes and penalties" dated 20 October 2010, please read in the final paragraph ...Tupras, Turkey's sole refiner, indefinitely closed the styrene butadiene rubber (33,000 tonne/year) and CIS polybutadiene rubber (20,000 tonne/year) units of its Korfez petrochemical business in 2008, but continues to run a carbon black production line (40,000 tonnes/year)... instead of ...Tupras is Turkey's sole refiner and also owns the Korfez petrochemical business which produces styrene butadiene rubber (capacity 33,000 tonne/year), CIS polybutadiene rubber (20,000 tonne/year) and carbon black (40,000 tonne/year).

PRAGUE (ICIS)--Tupras has been ordered to pay Turkish lira (TL) 605.4m ($420.4M, €307.3m) in back taxes and penalties, the Turkish oil and petrochemical group said in a filing to the Istanbul stock exchange.

The charges relate to the period between 2005 and 2009, it added.

Tupras, Turkey's sole refiner, indefinitely closed the styrene butadiene rubber (33,000 tonne/year) and CIS polybutadiene rubber (20,000 tonne/year) units of its Korfez petrochemical business in 2008, but continues to run a carbon black production line (40,000 tonnes/year).

($1 = TL1.44/€1 = TL1.97)

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By: Will Conroy
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