Transcentral Asia Petrochemical Holding, a Kazakhstan-based consortium including Russia's Russia's Troika Dialog, bid US$2.05 bln to win a 51% state-owned stake in Turkish petrochemicals firm Petkim. The consortium beat seven other bidders, including Socar & Turcas Enerji AS-Injaz, Carmel-Limak, Zorlu Holding, Hokan Chemicals, Naksan-Torunlar-Toray-Kiler, Indian Oil Corp and Firat Plastik, Kaucuk Sanayi ve Ticaret.
The purchase is good news for the ruling AK Party, which faces elections this month, and increases foreign direct investment, needed to offset a large current account gap, after a series of privatisations were postponed or down-sized this year.
Turkish union Petrol Is could plan to stop the sale. Unions often seek to block privatisations, but recently sales have gone through despite challenges.
07-Jul-07 
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