Petkim must cancel privatisation - Petrol-Is

06 July 2007 17:30  [Source: ICIS news]

PRAGUE (ICIS news)--Turkish oil and gas sector union Petrol-Is on Friday called on Turkey’s top administrative court to cancel the planned privatisation of 51% of petrochemicals major Petkim.

 

Its move came a day after Kazakh-Russian Transcentralasia Petrochemical Holding won an auction for the stake with a $2.05bn (€1.5bn) bid.

 

A Petrol-Is spokesman said the court had been informed that the union believed the sale was neither in the interest of Petkim’s 3,700 employees nor in the interest of the public.

 

Submissions showing Petkim was profitable, had invested $350m in equipment over the past three years and might be put at risk because of the buyer’s insufficient financial stability were also presented to the court, the spokesman added.

 

Turkey’s privatisation authority high commission must still approve the sale of Petkim, the largest Turkish petrochemicals company with a total capacity of 1.9m tonnes/year.

 

($1 = €0.74)

By: Will Conroy
+44 20 8652 3214

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