08 June 2004 10:17
TATNEFT WON`T DROP PLANS TO BUY TUPRAS SHARES
The company has no reason to drop the project, he said.
"We consider the court ruling biased. We are meeting with our
KAZAN. June 7 (Interfax) - Tatneft won't abandon its plans to buy shares in Turkish oil refiner Tupras despite a
court ruling to cancel the sale of 65.76% of the company to Efremov Kautschuk, which represents Tatneft, and Zorlu,
Prime Minister of Tatarstan and Chairman of the Board at Tatneft Rustam Minnikhanov told Interfax.
lawyers and will present our conclusion," Minnikhanov said.
A court in Ankara had earlier suspended the deal to sell Tupras shares to Efremov Kautschuk GmbH and Zorlu, but that
ruling was reversed in an appeals court.
Tupras accounts for 90% of oil refinement in Turkey. It has four
refineries that can refine 27 million tonnes of oil and year and one
The Turkish privatization agency will appeal to a higher court to resume the deal.
The Turkish government in early February approved the purchase of the 65.76% state share package in Tupras by the two
companies under a tender.
Tatneft would be able to significantly increase oil exports to Turkey with the acquisition of the Tupras refinery. It
exported 3.4 million tonnes of oil worth %600 million to Turkey in 2003. Tupras will continue to receive most of its oil
from Syria and Iran.
petrochemical complex.
[Interfax] |
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