Petkim sale to be concluded in 45 days - Ankara

25 March 2008 10:30  [Source: ICIS news]

SINGAPORE (ICIS news)--Turkey’s Privatisation Administration has informed the group seeking to purchase the largely state-owned Petkim that they have 45 days to complete the deal, a source from consortium member Turcas Petrol said on Tuesday.

The consortium comprising Turkish energy firm Turcas, Azeri energy firm Socar and Saudi-based investors Injaz bid $2.04bn (€1.3bn) for a majority stake in Petkim last year.

The proposed sale was however, stalled by a series of court actions filed by Petkim’s petrol workers’ union seeking to stop the privatisation deal.

Turkey’s high-level Danistay court had lifted the suspension on the privatisation deal last week .

The consortium would now have to pay the transaction fee and complete the purchase deal within the specified 45 days, sources from both the privatisation agency and Turcas confirmed.

Once the sale is concluded, the consortium will hold a 51% stake in Petkim, which will retain 10% ownership while the remaining shares would be floated on the Turkish stock exchange.

($1 = €0.65)

By: Arujnee J Ram
+65 6780 4359

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