Turkish Petroleum readies for privatization

Published 22.06.2016 22:19
Updated 22.06.2016 22:21

The privatization process of Petroleum Distribution Corp., a subsidiary of Turkey's state-run Turkish Petroleum Corporation (TP), is scheduled to begin in the third quarter of this year.

Anadolu Agency (AA) reported that the Prime Ministry Privatization Administration held an informational meeting on the privatization of the Petroleum Distribution Corp. in Istanbul on Monday. Potential investors and relevant banks were informed about the privatization process during the meeting, which was held under the chairmanship of Privatization Administration Chairman Mehmet Bostan.

The main topics of the meeting included the role of the Privatization Administration in transferring public institutions and organizations to private capital interests, successful privatization transactions in the past and the privatization process and contract specifications regarding the corporation. Petroleum Distribution Corp. is currently the sixth-largest player in the fuel distribution sector with a market share of 4.4 percent. It has nearly 400 dealers, seven fuel storage facilities in strategic locations, a 333,000 cubic meter fuel storage facility and two liquefied petroleum gas (LPG) filling facilities.

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