Turkey will start to hand over petrochemical firm Petkim to the winners of a sale tender, upon approval of the sale by the High Board of Privatisation. The Competition Board has already approved the sale of the 51% stake to the second highest bidder in a July tender - a consortium of Azeri energy firm Socar, Saudi-based Injaz Projects and Turkey's Turcas with a US$2.04 bln bid. The sale is part of Turkey's major privatisation programme, which is backed by the International Monetary Fund and has sharply increased Turkey's foreign direct investment inflows.
Kazakhstan-based consortium Transcentral Asia Petrochemical Holding had made the highest bid of US$2.05 bln in the tender. Officials have not announced a reason for the decision to approve the sale to the second highest bidder.