Injaz Projects' acquisition of Petkim Petrokemiya on schedule

27-Dec-07
Injaz Projects' joint venture proposal of US$2 bln to acquire a 51% controlling stake in Turkey's state-owned petrochemicals manufacturing company, Petkim Petrokemiya, is to close on schedule by the second half of January 2008. Injaz Projects - together with its partners, Azerbaijan Oil and Gas Company (SOCAR) and Turcas Petroleum - formed a joint venture group in early 2007 for the purpose of winning the Petkim tender. Turkey's petrochemical sector is estimated to be worth US$12 bln annually by 2015, from the current levels of US$6.5 bln annually. Petkim meets 25% of the local demand with annual production capacity of 1.78 million tons of thermoplastics, textile intermediary products, synthetic rubber raw materials, and other petrochemicals.
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