Our Bureau

New Delhi, Sept. 1

AN Indian Oil Corporation (IOC) team is set to furnish its bid for a 51 per cent stake in Turkish Petroleum Refineries Corporation (Tupras), the Turkish oil refining company, on Friday.

According to senior IOC officials, a sub-committee of the IOC board is in Turkey to submit the bid. IOC had submitted an expression of interest for acquisition of 51 per cent stake on June 14.

For the project IOC has tied up with the Caliak Energy of Turkey. IOC and Caliak have jointly bid to qualify for acquiring stake in Tupras. However, once IOC-Caliak qualify then a possibility of forming a new joint venture is not ruled out, the official said.

During the recent visit of the Petroleum Minister, Mr Mani Shankar Aiyar, to Turkey the two sides had agreed to establish a joint working group to promote cooperation in the oil and gas sector.

The oil companies of both countries would cooperate in pursuing exploration and production contracts in each other's countries as well as in third countries.

Turkish companies would play a lead role when partnering Indian companies in projects in Central Asia, while the Indian firms would take the lead in proposals elsewhere.

(This article was published in the Business Line print edition dated September 2, 2005)
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