JSC Tatneft, represented by German Efremov-Kautchuk GmbH, is appreciated to be selected by the Turkish authorities as winner in the Tupras privatization.

Based on past close cooperation with Tupras as well as due-diligence we’ve been doing during the last six months together with our consultants, we believe that Tupras is very attractive company with strong potential, efficient management, and highly skilled workers.

Tatneft is Russia’s top fully integrated and yet the oldest oil company with large oil reserves and extensive experience in the oil sector. Having all that and being a crude supplier to Tupras, Tatneft can add significant value to the Turkish refinery.

Tupras is one of the critical elements in Tatneft’s strategy, and Tatneft intends to work closely with Zorlu on further development of Tupras for the benefit of shareholders, staff, and Turkish economy.

The government of Tatarstan, an autonomous republic within the Russian Federation, one of the major shareholders of Tatneft, is aware of this transaction and strongly supports it, as it would be beneficial for the both countries and further strengthen the ties between them.