Turkish government has reversed its decision to sell Petkim Petrokymia- the state owned petrochemicals manufacturing company to the highest bidder. 7 international consortiums, including major operators and investment companies specializing in the field of petrochemicals were competing for the shares in the Petkim privatization deal.
A Saudi company Injaz Projects and its consortium partners, that offered US$2.04 bln (SR 7.05 bln) for 51% stake, have been awarded the controlling stake in Petkim Petrokemiya. The consortium partners are Azerbaijan Oil & Gas Company (SOCAR), the Kazmunaigaz Company of Kazakhstan and Turcas Petroleum A.S. of Turkey. Injaz Projects owns 10% of the majority share holding acquired by the consortium. The Saudi company acted as a technical consultant and developed the financial model for the bid, working jointly with Standard Bank and Finansinvest. Injaz Projects is a conglomerate owned by three Saudi corporations: Al Muhaideb Group (40% stake), Al Fozan Group which also owns (40% stake), and Amwal Al Khaleej (20% stake). The company is headquartered in Saudi Arabia, with a branch in Bahrain. The company develops mega projects in various sectors in the MENA region and provides technical and financial consultancy services for oil, energy, infrastructure and telecom projects. Injaz is looking to capitalize on the liberalizing of economies in the region, pursing privatization initiatives.
The Petkim industrial complex is strategically located on the west coast of Turkey and is considered to be one of the most important petrochemicals manufacturers in the region, with a significant market share in Greece and the Black Sea countries. Petkim has licenses for several future projects which include building oil refineries, a utility plant and liquid oil gas stations.