Two bids for Turkey’s remaining 10.32% stake in Petkim

21 March 2012 12:56  [Source: ICIS news]

LONDON (ICIS)--Two bids have been received for the Turkish state’s remaining 10.32% stake in Petkim, the country’s sole major petrochemical producer, the state Privatization Administration (OIB) announced on Wednesday.

Prior to the deadline for sealed bids at 4:00pm Turkish time on Tuesday, two offers had been submitted, one by the State Oil Company of the Azerbaijan Republic (SOCAR), which already holds 51% of Petkim through the SOCAR & Turcas joint venture, said OIB.

The other tender came from the Turkish plastic packaging company Naksan Plastik.

Petkim is building a $10bn (€7.6bn) petrochemical “supersite” in Aliaga, near Izmir, on western Turkey’s Aegean coast.

SOCAR is currently assisting in raising up to $4bn in long-term loans to finance the SOCAR & Turcas Aegean Refinery (STAR), a planned installation within the existing Petkim site with a 10m tonne/year processing capacity, that would provide feedstock to the complex.

($1 = €0.76)

By: Will Conroy
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index