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

DUBAI: Tupras, Turkey's sole oil refiner, signed a $200 million 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 $500 million and $1 billion.