Turkish fuel and oil products retailer Petrol Ofisi AS (PTOFS.IS), or POAS, said Tuesday it will appeal the energy minister's decision to suspend the company from participating in public tenders for a year, Ihlas news agency, or IHA, reported.
Turkish press reported earlier Tuesday that the energy ministry has suspended POAS from participation in public tenders for a year due to irregularities in a fuel-oil tender.
Petrol Ofisi allegedly delivered fuel oil which included higher sulfur than agreed levels in the tender, the report said.
The reports also said an investigation was conducted into 17 employees at Turkish state-run electricity producer Elektrik Uretim AS, or EUAS, which held the tender.
However in a statement to the Istanbul Stock Exchange Petrol Ofisi said its fuel-oil deliveries were in line with the deal conditions.
Petrol Ofisi is controlled by Dogan Holding (DOHOL2.IS) and energy firm OMV AG (OMV.VI).
At 0845 GMT Petrol Ofisi's shares were trading 0.95% lower at TRY4.18 in a 0.26% higher overall market.