Council Of State rejects annulment of sale of Turkey's Petkim

04-Mar-08
Turkish Council of State has unanimously overruled a labor union that asked for cancellation of the sale of Turkey's Petrochemical Holding Co. (Petkim) by block sale. Turkey held an auction on July 5th, 2007 to privatize 51% stake in Petkim. TransCentralAsia Petrochemical Holding consortium submitted the highest offer with US$2050 million in the auction. Socar-Turcas-Injaz consortium made the second highest offer of US$2040 million. On October 16, the tender commission decided to name the second runner-up of the auction to the Competition Board to finalize the tender process. After the Competition Board approved the sale on November 11, the Higher Board of Privatization approved the sale on December 11, 2007. Petrol-Is (Petroleum Workers' Union) filed a lawsuit on February 7, 2007 for the cancellation of privatization of Petkim by block sale. Petrol-Is has the right of appeal.
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