Aygaz

Turkish LPG distribution company Aygaz said on Sept. 12 its Entek Elektrik Üretim unit, jointly owned with parent Koc Holding, has bid in a tender to operate two hydroelectric power stations.

A previous privatization tender in 2016 for the two power plants, Menzelet and Kılavuzlu, had been canceled, Aygaz said in a statement to the Istanbul stock exchange. 

Ömer Koç, the vice president of the executive board at Koç Holding, has been named the new chairman of the conglomerate, more than a month after the passing of his brother Mustafa Koç from a sudden heart attack. 

Tüpra?, Turkey?s sole oil refiner, said it has reached an agreement with authorities to pay a sum of 55 million Turkish Liras ($22 million), after negotiating on tax demands and related fines totaling 160 million liras.

?A negotiation was held with the Central Reconcilement Commission,? the company said by a written statement to the Public Disclosure Platform (KAP).

Turkey?s sole oil refiner Tüpra? has said it faces a tax demand and related fines totaling 160 million liras ($69 million) following an 18-month investigation by authorities.

The demand for 65.6 million liras and fines of 94.4 million liras date from 2009 to 2013, the company said in a filing with the stock exchange.

The coming tender to privatize the distribution of Istanbul’s gas to its 5.1 million customers should not be seen as a simple commercial transaction of “whoever pays the most in the bidding round will win the contract.”

It is rather strategic for many reasons affecting Turkey’s energy security, investment climate, environmental quality and trading ties.

Turkey will start the sale of Istanbul’s İGDAŞ gas grid this month, with Russia’s Gazprom, Japan’s Marubeni Corp and Turkey’s Enerya and Aygaz among the interested bidders, sources close to the process have said.

Turkey’s sole refinery TÜPRAŞ has kept its place at the top of Turkey’s 500 Largest Industrial Company list in 2013, one of five Koç Holding companies taking in the top 10.