A Major Fuel Storage Terminal: ATAŞ
Turcas directly owns 5% of the ATAŞ Terminal, which started operations in 1962 in Mersin as an oil refinery. Currently, Turcas’ partners in ATAŞ are BP (68%) and Shell & Turcas Petrol (27%) which makes Turcas’ total ownership at ATAŞ 13.1%.
As a result of investments realized after the decision of the partners to close down the ATAŞ Refinery and transform it into a large-scale oil products terminal on the Mediterranean coast in 2004, ATAŞ Terminal today serves as a licensed storage facility.
The terminal has an oil products storage capacity of 577,000 m3 as well as its own port, where high-capacity ships can dock. 32% of ATAŞ’s total storage capacity, cumulatively owned by Shell & Turcas Petrol A.Ş. (27%) and Turcas (5%), is allocated for Shell & Turcas Petrol A.Ş.’s use.
Negotiations between Shell & Turcas Petrol A.Ş. and Shell Group resulted in Shell & Turcas Petrol A.Ş. acquiring 27% of the shares of ATAŞ owned by The Shell Petroleum Company Ltd (“SPC”, one of the Shell Group companies) and 27% of the shares of the ATAŞ storage facilities owned by Raffinaderij Shell Mersin N.V. (“RSM”, one of the Shell Group companies) on December 30, 2016, together with liabilities arising from the agreement, for a total consideration of TL 30 million.
As a result of this transaction, in addition to Turcas’ 5% direct shareholding in ATAŞ and its storage facilities, Turcas’ total indirect equity stake in ATAŞ amounts to 8.1% (27% x 30%) (13.1% in total), via Turcas’ 30% shareholding in Shell & Turcas Petrol A.Ş..