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Friday, July 29, 2005

IOC bids for majority stake in Turkish co

"IOC bids for majority stake in Turkish co
New Delhi: State owned petroleum major Indian Oil Corporation has bid for a 51 per cent stake in Tupras, the Turkish oil refining company, according to petroleum minister Mani Shankar Aiyar, in the Rajya Sabha.

The minister said that during his recent visit to Turkey the two sides had agreed to establish a joint working group to promote cooperation in the oil and gas sector.

The minister said the oil companies of both countries would cooperate in pursuing exploration and production contracts in each other's countries as well as in third countries.

While IOC has submitted a bid for stake in Tupras, an invitation has been extended to Turkish companies to invest in upcoming refinery projects in India, Aiyar said. "
IOC bids for majority stake in Turkish co