Thursday, November 15, 2007

Second highest bidder awarded tender for privatization of Petkim

Turkey's Competition Board has approved the sale of state-run petrochemicals company Petkim to the second highest bidder in a July tender. A consortium of the Azerbaijani oil company Socar, Turkey's Turcas and Saudi-based Injaz Projects had made the second highest bid of US$2.04 bln (€1.39 bln) for a 51% stake in the company. The Competition Board's decision is subject to approval by the Privatization Board for the takeover to be finalized.

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