Croatia's Dioki to sell petchem marketing unit to Turkey's Caliskan

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)

By: Will Conroy
+44 20 8652 3214

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