IOC bids for Turkey's TUPRAS refinery

Indian Oil Corporation (IOC) has bid to acquire Turkey's petroleum refinery TUPRAS, which has a combined processing capacity of 27.6 million tonnes per annum.

IOC has submitted a letter of intent to the Turkish Privatisation Administration (PA) to acquire 51% stake in TUPRAS, for which eleven other local and international oil firms are also in the fray.

It is the second time that TUPRAS has put its block shares on sale.