Russia-Kazakh consortium buys Petkim stake

05 July 2007 14:21  [Source: ICIS news]

LONDON (ICIS news)--A Russian-Kazakh consortium has bought a majority stake in Turkish petrochemicals major Petkim, the Turkish privatisation authority said on Thursday.

 

TransCentralAsia Petrochemical Holding has agreed to pay $2.05bn (€1.50bn) for a 51% shareholding in Petkim at an auction, held in Ankara on Thursday.

 

The deal will now be submitted to the privatisation authority’s high commission for approval.

 

Petkim is Turkey’s largest petrochemicals company with a total capacity of 1.9m tonnes/year.

 

In 2006, it met 28% of domestic petrochemicals demand, posting revenues of $1.58bn.

 

($1 = €0.73)

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Author: Elizabeth Bains
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