Turkish court suspends Petkim sale

27 December 2007 16:13  [Source: ICIS news]

LONDON (ICIS news)--Shares in Petkim and Turcas Petrol were temporarily suspended from trading on the Istanbul stock exchange after Turkey’s top administrative court delayed Petkim’s privatisation, Turcas said on Thursday.

 

The shares would be suspended until the Turkish Privatisation Board and Petkim provide a statement regarding the Council of State’s decision, said Turcas.

 

In November the Turkish privatisation board accepted a bid of 2.04bn from a consortium of Turcas, Azerbaijani oil company Socar and Saudi-based Injaz Projects.

 

State-owned Petkim operates a 520,000 tonne/year cracker and produces polyolefins, aromatics, chlor-alkali products, purified terephthalic acid (PTA) and phthalic anhydride (PA) at its plants in Aliaga and Yarimka.

By: Mark Watts
+44 20 8652 3214

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