Arguing that the planned sale of petrochemicals firm Petkim was contrary to Turkish law and the public good, Turkish labour union has embarked upon a legal bid to halt the sale of Petkim. Petkim was decided to be fully privatized by the government. The privatization of Petkim was planned by the government via a sale of its remaining 51% stake as part of a wider sell-off programme backed by the International Monetary Fund.
In the past, the labour union has won court cases, delaying the sale of oil refiner Tupras and Petrol Ofisi and this new case could be a setback to Turkey's privatisation process. The Turkish government, which faces elections this year, recently postponed the sell-off of three electricity grids and has done a volte face on a block sale for Halkbank, opting instead for an initial public offering of a smaller stake.
11-Apr-07 
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