Socar-Turcas-Injaz cleared for 51% Petkim stake

Author: Mark Watts

2007/11/22

LONDON (ICIS news)--Turkey’s privatisation board has approved the sale of a 51% stake in state-owned petrochemicals company Petkim, according to a report on Thursday.

The commission accepted a bid of $2.04bn (€3.03bn) from a consortium of the Azerbaijani oil company Socar, Turkey’s Turcas and Saudi-based Injaz Projects, said Thomson Financial.

Petkim operates a 520,000 tonne/year cracker and produces polyolefins, aromatics, chlor-alkali products, purified terephthalic acid (PTA) and phthalic anhydride (PA) at its plants in Aliaga and Yarimka.

Petkim was not immediately available for comment.

($1 = €0.67)