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12 September, 2005
Another ICEM affiliate in Turkey is continuing its fight against privatisation in a courtroom in Ankara. Petrol-Is presented its case 2 March to again block privatisation of oil-refining company Tupras by the Turkish Privatisation Authority that now is seeking to sell a 14.8% stake. The authority holds 66% of Tupras, while 34% is publicly traded. Last year Petrol-Is convinced a court to halt the sale of the 66% stake to a joint venture composed of German Efremov-Kautschuk GmbH, a subsidiary of Russian Tatneft, and Turkish holding company Zorlu, a home textiles and home electronics company. Tupras operates four refineries and a petrochemical plant in Turkey.