Ar Tarim Rises to Highest Since IPO on Oil Exploration Plan

Ar Tarim Organik Gida AS, an organic agriculture company, surged to the highest level since its initial public offering after saying it will set up a unit to explore oil in southeast Turkey.

The shares jumped 16 percent to 4.91 liras at the close in Istanbul, the strongest since the shares began trading on May 31.

The exploration unit, Ar Petrol Arama Uretim Sondaj AS, will apply for licenses and hold talks with domestic and foreign companies for oil exploration in the company’s 1.61 million square meters (400 acres) of land in Diyarbakir province, Ar Tarim said in a statement to the Istanbul Stock Exchange after the market closed yesterday.

Turkey imports more than 98 percent of its crude and natural gas.