Indian Oil Corporation pulled out of the bidding process for acquiring 51 per cent stake in Turkish refinery, Tupras (Turkish Petroleum Refineries Corporation), after it was outbid by a Shell-Koch Holdings consortium that won the auction for $4.14 billion.

IOC had bid up to $4.12 billion when the winning consortium stepped up the bid by $20 million, taking it to $4.14 billion. At this point, IOC pulled out since it had exceeded its investment limit.

The online auction held in Turkey, it is understood, had begun with $3.36 billion with nine companies in the race. All except IOC and the Shell consortium were left in the fray till the end. The two-member Shell consortium included Turkish company, Koch Holdings.

This is the second Indian failure in recent times to acquire international petroleum assets. (See related news.)

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