Closing Bid on Purchase of State Share in Turkish Petrochemical Holding Petkim does not Mean Approval of Agreement
Azerbaijan, Baku / Trend / Before participating in the bid on purchase of 51% share of the Turkish Petrochemical Holding Petkim, the State Oil Company of Azerbaijan (SOCAR) and its partner, Turkish Company of Turkas, held comprehensive accounts and assessed possible level of the risks, a source stated in SOCAR on 6 July. The concluding cost proposed for the pack of proposals based on the results of the bid and reflected the maximal level of the possible risks, the same source stated. The State share in Petkim was sold 2.8 times more than its market cost ($1.43 bln).
The bid on purchase of 51% of the Turkish Petrochemical Holding Petkim was won by Transcentral Asia Petrochemical Holding, which suggested $2.05bln, Turkish RTR TV channel reports. Generally the bid was attended by eight companies. The largest amount was proposed by the alliance of the State Oil Company of Azerbaijan (SOCAR)/Turcas/Injaz and Transcentral Asia. However, Transcentral Asia suggested $10mln more than the consortium of SOCAR/Turcas/Injaz. In addition, the State share in Petkim was appealed to be acquired by Zorlu, Anadolu, Ulker and Indian Oil Corp.
The experts consider that yet it is impossible to consider the bid as completed. It should be approved by the Supreme Privatization Council of Turkey headed by the Prime Minister. Event the approval by the Council does not guarantee the concluding victory. Large dissatisfaction in Turkey is presented by the nationality of one of heads of the companies included in the consortium of Transcentral Asia. The consortium comprises of Russian Troika Capital Partners, investment industrial groups of Eurasia and Caspi Neft. The Chairman of the Board of Directors of investment company 'Troika Dialogue' is Ruben Vardanyan, Armenian by nationality.