Turkish TPAO to be privatized in stages – minister

Oil&Gas Materials 22 December 2014 15:09 (UTC +04:00)

Baku, Azerbaijan, Dec.22
By Rufiz Hafizoglu - Trend:

Turkish Petroleum Corporation (TPAO) will be privatized in stages, the country's Minister of Energy and Natural Resources Taner Yildiz said.

He said a 15-percent share will be put up privatization in the first stage, adding that it is planned to increase this figure to 51 percent in the second stage, Turkish Hurriyet newspaper reported on Dec.22.

Yildiz said TPAO is privatized in order to liberalize the energy market.

Earlier, during the Bosphorus Energy Club's meeting, Yildiz announced that TPAO will be put up for privatization.

He added that Turkish Ministry of Energy and Natural Resources has worked out an energy project for this.

TPAO accounts for around 70 percent of oil production in Turkey.

The company is the participant of four projects - project for development of Azeri-Chirag-Guneshli block of fields with 6.75-percent share, project for development of Shah Deniz gas condensate field with 9-percent share [after the completion of the deal with Total, its share will increase to 19 percent], project for development of Araz-Alov-Sharg block of offshore structures (10 percent) and others.


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