INEOS and Basell on the list of bidders for Petkim

By Elizabeth Bains

LONDON (ICIS news)--INEOS and Basell have separately made prequalifying bids for a 51% stake in Turkish petrochemicals major Petkim, the country’s privatisation authority said on Friday.

The Turkish privatisation authority has said it received 19 bids for the majority stake in Petkim, 18 of which met the criteria.

INEOS has made a lone bid, while Basell has teamed up with Demiroren Grubu.

The authority published the following list of bidders:

1. Naksan Plastik Sanayi ve Ticaret -Torunlar Gıda Sanayi ve Ticaret -Toray İnşaat Sanayi ve Ticaret Ortak Girisim Grubu
2. Fırat Plastik, Kaucuk Sanayi ve Ticaret.
3. Tüpraş-Turkiye Petrol Rafineleri.
4. Sanko Petrokimya Sanayi ve Ticaret.
5. Akgirisim Kimya Sanayi ve Ticaret.
6. Zorlu Holding.
7. Polinas Chemical Ortak Girisim Grubu
8. Carmel - Limak Ortak Girisim Grubu
9. Kiler Alısveris Hizmetleri Gıda Sanayi ve Ticaret.
10. Calık Enerji Sanayi ve Ticaret.
11. Socar & Turcas Enerji.
12. TransCenralAsia Petrochemical Holding Ortak Girisim Grubu
13. Ineos Holdings Limited
14. DEH Ortak Girisim Grubu
15. Basell-Demiroren Ortak Girişim Grubu
16. Akfen Altyapı Yatırımları Holding.
17. Injaz Projects Company Limited
18. Tatneft -Efremov-Kautschuk Ortak Girisim Grubu.

The Turkish Privatisation Administration announced in March it was inviting bids for the company's shares through a block sale.

The deadline for pre-qualification applications ended on 14 May, and the bidding stage closes on 15 June. Potential investors must have total assets of at least $200m (€149m) and total equity of $150m.

Petkim is Turkey's largest petrochemicals company with a domestic market share of about 30%.

The Turkish government sold 35% of Petkim’s shares in April 2005 for $270m (€200m) via a public offering on the Istanbul Stock Exchange.

($1 = €0.74)

ICIS Copyright © Reed Business Information 2009

Author: Elizabeth Bains
+44 20 8652 3214

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