Tensions continue to increase with the six firms and consortiums that submitted proposals for auction of Erdemir on October 3 due to a near hundred percent increase in Erdemir’s value resulting in financial difficulties and deviations from earlier estimates. Firms and consortiums in search of credit from domestic and international banks have begun to conduct meetings almost daily.

An official from Eregli Joint Enterprise Group confirmed that they have demanded resources from domestic and international banks. “We had expected the price to be $2-2.5 billion dollars. Doubling of the price has placed us in a difficult situation. ““We determined a price already. We cannot offer more,” another official said.

Erdemir shares trading on the Istanbul Stock Exchange were up 18 percent following the unexpectedly high offer for another state-run petroleum industry, TUPRAS to increase Erdemir’s market value by $546 million to a total of $3.459 billion,

A cash payment for Erdemir is preferred but if the winning firm or consortium chooses to make payments by installments, 50 percent of the total price will be paid in cash and the remainder will be paid in installments over two years, 25 percent for each payment.

On the other hand, submission of bids, has negatively effected the share value by 4.1 percent