Turcas plans to invest US$3 bln in newly acquired Petkim

04-Jun-08

Turkish energy company Turcas plans to invest US$3 bln over the next five years in petrochemicals company Petkim, in which it has recently acquired a 51% stake. The Azerbaijani-Turkish consortium has formally acquired the majority shares of Turkey's Petrochemical Holding Co. (Petkim). The consortium paid an advance of US$1.6 bln of the US$2.04 bln to acquire 51% of Petkim`s shares. The balance US$380 mln will be paid over the next three years. Petkim set up in 1965, opened five factories in Izmit-Yarimci petrochemical complex in 1970. Then, several other factories were established. The second area where Petkim opened a complex was Aliaga town of the Aegean province of Izmir. Today, Petkim is one of the leading companies in Turkey with its 14 factories, electricity generation unit, port and dam (Guzelhisar dam) and an indispensable raw material producer of Turkish industry. Meanwhile, Petrol-Is union filed lawsuits against Petkim`s privatization, and the trial process continues.