Turkey: Privatization of retailer Türkiye Petrolleri attracts 4 bids

Turkey's state-owned oil and gas firm Türkiye Petrolleri has received four bids as it plans for an initial public offering as soon as next year, reports Reuters.

Zulfikarlar Holding, Siyah Kalem Muhendislik Insaat Sanayi ve Ticaret, SBK Holding and a consortium of Termopet-Net-Cemil Direkci have submitted bids in the tender, according to the Turkish privatization agency.

Türkiye Petrolleri´s fuel retailing branch Türkiye Petrolleri Petrol Dağıtım (TPPD) has around 400 gas stations and accounts for a 4.4% of the country´s 25 million tonne gas station business.

Last March, the company´s Chief Executive Officer Besim Sisman said they were waiting for the recovery of oil prices before launching an IPO.

“We are doing our homework and preparing the company for the IPO. We will make it ready and then the government will decide whether to sell, but for an IPO we must have oil prices at least at $60 a barrel,” said Sisman according to Bloomberg.

Turkey will increase a consumption tax on fuel that will raise prices at the pump by 4% on average.