Turkish court rejects union's cancellation demand

Turkish Council of State on Monday unanimously decided to turn down a labor union that asked the cancellation of the sale of Turkey's Petrochemical Holding Co. (Petkim) by block sale.

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

However, on October 16th, the tender commission decided to give the name of the second runner-up of the auction to the Competition Board to finalize the tender process. The Competition 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 joint venture group for 2,040 million USD.

Petrol-Is (Petroleum Workers' Union) filed a lawsuit on February 7th, 2007 for the cancellation of privatization of Petkim by block sale.

Petrol-Is has the right of appeal.

AA
Last Mod: 04 Mart 2008, 10:37
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