Countdown starts for Turkish Petkim's sale

Sale of 51 percent of stocks of Petkim (Turkey's Petrochemical Holding Co.) to Socar-Turcas -Injaz consortium will be completed by May 7th, sources said on Thursday.

Countdown starts for Turkish Petkim's sale
Turcas Executive Board Chairman Erdal Aksoy told AA that they are working on payment and other related issues, adding that a final decision will be made on April 14th.

After handover procedure is completed Petkim will play a very positive role in Turkish economy, Aksoy affirmed. Aksoy, in a previous statement, also said that PETKIM's market share in Turkey won't be less than 40 p.c..

Authorities held an auction on July 5th, 2007 to privatize 51 percent of Petkim's stocks. TransCentralAsia Petrochemical Holding consortium submitted the highest bid of 2,050 million USD in the auction, and won the auction. Socar-Turcas -Injaz consortium made the second highest offer with 2,040 million USD.

However, on October 16th, the tender commission decided to submit the name of the second runner-up of the auction to the Competition Board to finalize the tender process. The Board approved the sale of Petkim to Socar-Turcas-Injaz consortium on November 11th.

On December 11th, 2007, Higher Board of Privatization approved the sale of Petkim to Socar-Turkcas-Injaz group for 2,040 million USD.

Petrol-Is (Petroleum Workers' Union) filed a lawsuit on February 7th, 2008 for the cancellation of privatization of Petkim by block sale. Petrol-Is has the right of appeal.

Petkim --which was founded on April 3rd, 1965-- owns 14 factories, eight joint facilities, electricity production unit, waste treatment unit, port and dam.

AA
Last Mod: 27 Mart 2008, 12:08
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