Turkey's Tupras signs $200m loan with Gulf banks

Turkey's sole oil refiner signs deals with banks including First Gulf Bank and Barwa Bank
Turkey's Tupras signs $200m loan with Gulf banks
Tupras, Turkeys sole oil refiner, signed a US$200m one-year loan with a group of nine Gulf-based banks.
By Reuters
Sun 21 Oct 2012 03:25 PM

Tupras, Turkey's sole oil refiner, signed a US$200m one-year loan with a group of nine Gulf-based banks, a statement from the facility's arranger said on Sunday.

The loan was arranged by Qatar-based investment bank QInvest, the statement said. No details on the facility's purpose or its pricing were given.

Banks which joined the loan were Barwa Bank, Commercial Bank of Qatar, First Gulf Bank, Qatar Islamic Bank , Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank.

Last week, Tupras mandated Citigroup Inc and Deutsche Bank to arrange a series of investor meetings ahead of a potential bond issue, which the firm's general manager said would be worth between US$500m and US$1bn.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.