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



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