Koc/Shell group wins Tupras tender with $4.14bn bid

Author: Hilde Ovrebekk


LONDON (ICIS news)--A consortium led by Koc Holding and including Shell has won the auction for 51% of Turkish refiner Tupras with a bid of $4.14bn (Euro3.33bn), more than $1bn higher than expected, a Shell spokeswoman confirmed on Monday.

Koc Holding has an 80% stake in the joint venture, Shell holds a 10% share, Turkish Aygaz has a 7% stake and Opet Petrolculuk holds the remaining 3%. 

The Koc group fended off competition at a televised auction in Ankara from Indian Oil/Calik Enerji, Austria’s OMV, Hungary’s MOL, Italy’s Eni, Poland’s PKN Orlen, Oyak of Turkey, and the Turkish consortia Anadolu Tasima Joint Initiative Group and Tupras Acquisition's consortium with Petrol Ofisi.

OMV’s chief executive Wolfgang Ruttenstorfer said today that the successful bid price would not have fulfilled his company's policy of "only making acquisitions that ensure value creation and profitable growth".

A previous $1.3bn attempt to sell the refiner to the Zorlu group failed last year, when it was cancelled by court order following a legal challenge by labour unions.

Labour union Petrol-Is today threatened to launch legal action to try to block the result of the tender, as workers continued to protest against the sale.