Turkish refiner secures $200m GCC funding
Doha, October 21, 2012
Türkiye Petrol Rafinerileri (Tüpraş), a key player in refining and distribution of petroleum products in Turkey, has signed a $200 million, one-year facility with a group of nine banks from the GCC region.
Qatar’s leading investment bank QInvest acted as the sole bookrunner and structuring advisor to Tüpraş.
The other GCC banks involved in the deal are Qatar Islamic Bank, Barwa Bank, The Commercial Bank of Qatar and First Gulf Bank (as mandated lead arrangers), while Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank acted as lead arrangers.
Tüpraş is listed on Istanbul Stock Exchange and has a market capitalisation of $5.7 billion as at 05 October 2012. The company is 49 per cent owned by the public, and 51 per cent by EnerjiYatırımları, a joint venture between Koç Holding and Shell.
A leading refiner in Turkey, the company accounts for almost 60 per cent of domestic petroleum product consumption. It is the 7th largest refinery company in Europe, and has the world’s 29th largest refining capacity.-TradeArabia News Service