By Patrick Raleigh, ERJ ON-line news editor
Istanbul-Efremov-Kautschuk GmbH has put in the highest bid for the Turkish government's 65.76-percent stake in TUPRAS (Turkish Petroleum Refineries Corp.), Turkey's privatisation agency announced 13 Jan. Efremov's bid of $1302-million, however, remains subject to approval by the Turkish authorities.
With 2002 sales of around $4800 million, TUPRAS encompasses major petroleum refining, petrochemical and related activities. Its petrochemicals division includes styrene butadiene rubber, polybutadiene rubber and carbon black production activities.
Efremov-Kautschuk was founded in 1992 as a global distribution joint venture between the rubber producer JSC Efremov Synthetic Rubber Enterprise (ESRE) of Efremov, Russia, and Kautschuk-Gesellschaft mbH, a Frankfurt, Germany-based trading company. ESRE, which principally produces polybutadiene- and polyisobutylene-based materials, acquired a majority stake in the JV, in 2001.