Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Turkey’s state oil firm plans IPO when oil hits $60

Industry news
Industry news

Turkey’s state oil company will press ahead with plans for an initial public offering as soon as next year, but only if oil prices return to at least $60 a barrel from near $30 now, said chief executive Besim Sisman today.

Turkiye Petrolleri will complete preparations, which include securing internationally recognized accreditation for its reserves, by the middle of next year, Sisman said in an interview in Istanbul.

The Ankara-based company has had preliminary talks with Borsa Istanbul and Turkey’s biggest brokerage, Is Yatirim Menkul Degerler, he said. TP hasn’t decided how large a stake it may offer investors, Sisman said.

The IPO, originally proposed when oil was trading at over $100 a barrel, is part of a government privatisation drive to raise cash for the budget as well as to help finance investments in Turkey and abroad.

TP plans $3.2 billion of investments this year, including $2.5 billion in projects outside Turkey, Sisman told state-run Anadolu Agency in December.

“We are doing our homework and preparing the company for the IPO,” he said Tuesday. “We will make it ready and then the government will decide whether to sell, but for an IPO we must have oil prices at least at $60 a barrel.”

Sisman expects crude oil prices, which have averaged less than $32a barrel in New York during the past two months, to start rising again once the US. depletes stockpiles accrued during the shale-oil boom.

Sisman said he hopes ventures in the Caspian Sea and Mediterranean and Afghanistan will help lift TP’s value by the time of the offering. TP, which gets most of its revenue from abroad, produces around 105,000 barrels of crude a day from the Azeri-Chirag-Guneshli fields in Azerbaijan, the Missan and Badra fields in Iraq and Russia’s Baytugan, he said.

TP had $262 million of net income on sales of $3.47 billion in 2014, according to its website.

The company signed a deal with Calik Enerji of Turkey and Afghanistan’s Bayat Energy to start drilling in the country’s Totimaidan block, Sisman said. TP has a 40% stake while the others each have 30%. The initial investment for drilling will be $90 million, according to TP’s website.

TP’s gas operations in Iraq’s Mansuriyah field, a venture with Kuwait Petroleum Co., have been halted after Islamic State militants attacked the area, Sisman said.

Recommended for you

More from Energy Voice

Latest Posts