The sale of a 51% stake in Turkey's largest petrochemicals company Petkim to a consortium consisting of Turcas, Socar and Injaz, has been suspended by Turkey's top administrative court. Interestingly, the Court has mentioned that the sale would be allowed to proceed if Turkey's privatisation board clears the transfer of shares.
The consortium consists of Turcas, the Azeri state oil company Socar and Saudi based firm Injaz, that had bid just over US$2 bln for the 51% stake in Petkim. In the original auction, it was outbid by another consortium, but the sale was overturned when it was discovered that some of the winning consortium were representatives of Armenian business interests. The Istanbul Stock Exchange has suspended trading in Petkim shares on the news of the sale being blocked.