The operation TUPRAS is a state owned company which operates petroleum refineries in Turkey. In 1990, it was decided to privatize TUPRAS, subsequent to which two public offerings were held. As a result of the offerings, the publicly held portion of TUPRAS raised to 34.24% of the total shareholding of TUPRAS prior to the subject matter privatization. Efremov is a German based company which was under the sole control of Tatneft, a petroleum and gas company incorporated in Tatarstan. Tatneft was one of the five biggest petroleum companies based of Russia at the time of this privatization.
The Turkish Competition Authority finds that the privatization of a state owned petroleum refinery operator is a concentration, and will monitor its investments to prevent abuse of dominance (Tupras)
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