21 September 2012 17:40 [Source: ICIS news]
LONDON (ICIS)--Croatia-based Dioki group has agreed to sell petrochemical product marketing company Adriaoil to Turkey's Caliskan group in order to raise funds to pay owed-back wages to 320 workers, Dioki said on Wednesday.
Caliskan, a corporation that operates in industries including coal mining, livestock, energy and tourism, would pay €5m ($6.49m) to cover the unpaid wages and commit to other undertakings, to be disclosed by Dioki at a later date, it added.
Dioki was also not yet ready to comment on whether or not Caliskan was likely to buy other assets of debt-laden Dioki, including low density polyethylene (LDPE) subsidiary Dina Petrokemija, located in Omisalj on the Croatian island of Krk in the Adriatic Sea, and the group's operations in Zagreb which include a 90,000 tonne/year ethylene cracker.
Adriaoil is responsible for the marketing of Dioki group products in Italy and Russia.
Efforts announced in late July by Dioki to agree a sale of assets to Switzerland-based United Energy Commodities did not progress, Dioki said.
All plants of the Dioki group have been mothballed indefinitely since the end of last year when major creditors turned to the courts to have Dioki’s bank accounts frozen.
($1 = €0.77)
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.
|ICIS news FREE TRIAL|
|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|
Asian Chemical Connections