Poland's PKN Orlen, Turkey's Zorlu Group bid for 51 pct of refiner Tupras

Polish oil company PKN Orlen said it and the Zorlu Group of Turkey have submitted a bid for a 51 pct stake in Turkish refiner Tupras.

In a statement on the Polish company's website, PKN Orlen said it and Zorlu industrial conglomerate each have a 50 pct stake in a bidding consortium formed yesterday in order to bid for the Tupras holding.

The news follows an announcement earlier by Austrian oil and gas company OMV AG that it had submitted a binding offer for the 51 pct stake in Tupras. This came after Expansion newspaper reported that Repsol YPF SA had decided not to make an offer for the stake after analysing Tupras' assets.

Neither PKN Orlen nor OMV provided pricing details of their offers for the stake in stake in Tupras that is currently owned by the Turkish Privatisation Administration.

(Source: Forbes, AFX)

Invest in Poland - NOVEA