Union wants court to halt Petkim sale - report

10 April 2007 17:40  [Source: ICIS news]

TORONTO (ICIS news)--A Turkish labour union has filed a lawsuit trying to block the planned privatisation of Turkey’s petrochemicals major Petkim, Reuters reported from Istanbul on Tuesday.

 

The union, Petrol-Is, argued that the planned privatisation was against Turkish law, the news agency said.

 

Petrol-Is had won similar court cases in the past, delaying the sale of Turkish oil refiner Tupras, it added.

 

The Turkish Privatisation Administration announced in March it was looking for bidders for 51% of the company's shares through a block sale.

 

Analysts at HSBC said in a recent research note that the sale of Petkim was attracting interest from investors in the Persian Gulf region.

 

Petkim is Turkey's largest petrochemicals company with a domestic market share of about 30%.

By: Stefan Baumgarten
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