A consortium led by The Chase Manhattan Bank has the mandate to arrange the privatisation of two state petroleum enterprises, the Turkish Petroleum Refineries Corporation (Tupras) and refined products distributor Petrol Ofisi (POAS). It had vied with a rival group led by NM Rothschild International Management (MEED 10:12:93).

Depending on how much equity will be offered, to be determined by the Chase group, the combined worth of the deals could be as high as $1,000 million. The Chase group also includes Salomon Brothers, Kleinwort Benson and the local Global Menkuler Degerler (Global Securities). The award was made by the Public Participation Administration (KOI).

Mandating foreign brokerage houses and institutions to advise on direct placements into both the domestic and foreign secondary markets is a departure from the privatisation programme’s previous dependence on block tenders or public issues, which will continue where appropriate.

Although revenues from privatisation have not matched original targets for 1993, the government and its advisers have been encouraged by the successful sale abroad in December of $55 million worth of equity in telecommunications joint venture Netas. That deal was set up by a consortium led by Kleinwort Benson and Global Menkel Degerler, and also included Morgan Stanley, UBS, Salomon Brothers and James Capel Investment Services. It was heavily oversubscribed, with $120 million worth of bids received.