Turkey petroleum privatisation tenders in Q1 1997

Dec 26, 1996 01:00 AM

Tenders for the privatisation of Turkey's state refiner Tupras and petroleum products distributor Petrol Ofisi will be opened in the first quarter of 1997, State Minister Ufuk Soylemez said. "For the privatisation of Tupras and Petrol Ofisi, it is necessary to complete the work on regulations and to set up the basis for an automatic pricing system in the petroleum sector. After that, the tender process will begin. Work on this is intensifying," Soylemez told. The government is to introduce an automatic pricing formula aimed at stopping local refiners from making losses. The pricing mechanism envisages abolishing subsidies and setting up parameters which take into account crude and freight prices.

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