Ar-Tarim Rises to Highest in 2 Weeks on Oil Exploration Plan
The shares jumped 7.4 percent to 4.53 liras at 1:13 p.m. in Istanbul, on course for their strongest level since June 1 on a closing basis and after its initial public offering 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.
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