State-run Indian Oil Corp (IOC), the country’s largest refiner, has submitted an initial bid for 51 percent of Turkish Petroleum Refineries Corp, India’s oil minister said yesterday.
“Due diligence process is currently in progress. The binding bid will have to be submitted to the privatization administration of Turkey by September 2,” Mani Shankar Aiyar told Parliament. Aiyar also said IOC had abandoned plans to buy stakes in Nigeria’s Kaduna, Port Harcourt and Warri refineries and petrochemical complexes, having previously submitted expressions of interest. (Reuters)
Kathimerini 08/17/2005