Turkish oil refiner Turkiye Petrol Rafinerileri AS (TUPRS.IS), or Tupras, plans to invest $400 million in the next two years, General Manager Yavuz Erkut is quoted as saying Tuesday, the Ihlas News Agency, or IHA, reports.
Speaking to business daily Dunya, he said the company plans to invest $250 million of the total amount this year despite the global financial crisis.
A consortium of Turkish conglomerate Koc Holding AS (KCHOL.IS) and Anglo-Dutch oil company Royal Dutch Shell PLC (RDSA) won a privatization tender in September 2005 to acquire a 51% stake in Tupras for $4.14 billion.
At 0720 GMT, Tupras shares were up 1.52% at TRY20 on a 0.50% higher overall market.