Turkish Court Keeps in Force Results of Tender to Privatize Turkish Petro-chemical Holding

Azerbaijan, Baku, 4 March / Trend / The Turkish Court rejected a lawsuit filed by the Trade Union of the Turkish oil industry, intended to block a deal to purchase 51% of the Turkish petro-chemical holding Petkim by the alliance between the State Oil Company of Azerbaijan (SOCAR), Turcas Petrol, Injaz Projects, the Turkish media reported.

The Trades Union has the right to make an appeal. Some 38.68% of the company's stock was privatized by the public in 1990 and 2005.

The Turkish Administration for Privatization approved the alliance Socar/Turcas Petrol/Injaz Projects as the winner of the tender on the sale of the 51% share of Turkish Petrochemical Holding Petkim, the Administration reported on 22 November

The Russian-Kazakh consortium Petrochemical Holding, which includes the Russian investment and industrial group Eurasia, Kazakh company Caspian Oil and investment company Troika Dialogue, offered a low price for the tender on Petkim ($2.05bln), whereas the regulating body of the Turkish Government annulled the results of the tender and announced Socar/Turcas/Injaz, who offered $2.04bln, as the winner.

However, the alliance Socar/Turcas Petrol/Injaz Projects was announced as winner of the tender.

Investments by the alliance SOCAR/Turcas/Injaz to modernise the production capacity of the Turkish Petrochemical Holding Petkim will increase the enterprise's share in Turkey's market from the current 27% to 40%. The investments of the alliance over the next 1-2 years may total $50-60bln.

Turkey currently imports 70-75% of the necessary chemical products, but developing Petkim, the investment alliance SOCAR/Turcas/Injaz will provide an opportunity to increase the import up to 30%. The annual increase of chemical product demand in Turkey makes up 12%.

Investments may pay for themselves in the next 5-6 years, it will all depend on the market. SOCAR/Turcas/Injaz alliance intends to construct a refinery near Petkim to supply raw material to the enterprise. Initially the capacity of the refinery will make 6mln tons of oil per year.

Petkim Petrokimya Holding is specialized in the production of plastic packages, fabric, detergents and is only producer of these goods in Turkey exporting the fourth part of the output. The capitalization of the company comprises approximately $1.6bln.

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