27 May 2004 18:55
TURKEY: PRIVATIZATION AGENCY MAKES COURT APPEAL OVER TUPRAS PRIVATIZATION SUSPENSION
According to "Dunya", Turkish privatization agency appealed against a court decision suspending the sale of
state oil refiner Tupras to Russia's Tatneft and Turkish group Zorlu. A court ruling stated the $1.3 billion deal
was not in the public interest and violated competition rules. Labor union Petrol-Is, which represents Tupras workers,
had brought the suit saying the sale would cause job losses. Tupras, a key issue in the government's privatization
program, was agreed to be sold off to after Tatneft, Russia's sixth-largest oil firm, and Turkish financial and
industrial group Zorlu. The partnership got the right to purchase 66 percent of Tupras in January.
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