Petkim's Sale To Be Completed On Friday

ANKARA - The sale of 51 percent shares of Petkim (Turkey`s Petrochemical Holding Co.) will be completed on May 30th.
The agreement on the transfer of Petkim`s shares to Socar- Turcas-Injaz consortium for 2.04 billion USD would be signed on Friday, officials said on Thursday.
Socar-Turcas-Injaz consortium previously declared that it would make a deferred payment for the shares. The consortium also said in a statement on Wednesday that it had paid 50 percent of the sales price, which amounted to 1.02 billion USD, to the Privatization Administration of Turkey.

-PETKIM`S PRIVATIZATION PROCESS-

Authorities held an auction on July 5th, 2007 to privatize 51 percent of Petkim`s stocks. TransCentralAsia Petrochemical Holding consortium submitted the highest bid of 2.05 billion USD in the auction, and won the auction. Socar-Turcas -Injaz consortium made the second highest offer with 2.04 billion USD.
However, on October 16th, the tender commission decided to submit the name of the second runner-up of the auction to the Competition Board to finalize the process. The Board approved the sale of Petkim to Socar-Turcas-Injaz consortium on November 11th.
On December 11th, 2007, Higher Board of Privatization approved the sale of Petkim to Socar-Turkcas-Injaz group for 2,040 million USD.
Petrol-Is (Petroleum Workers` Union) filed a lawsuit on February 7th, 2008 for the cancellation of privatization of Petkim through block sale method.
Petkim --which was founded on April 3rd, 1965-- owns 14 factories, eight joint facilities, electricity production unit, waste treatment unit, port and dam.
(DO-ULG)