ANKARA
Turkey's Supreme Board of Privatization (OYK) approved on Wednesday the privatization of 10.32 percent of the Petrochemical Holding Corp. (Petkim) to Socar Turkey Enerji Corporation and Socar International DMCC OGG.
Socar Turkey Enerji Corporation and Socar International DMCC OGG offered 168.5 million USD for 10.32 percent of Petkim shares.
Turkey included Petkim in its privatization schedule in 1987. Petkim's production complex in the northwestern province of Izmit was sold at 60 million USD in 2001. Privatization process of the rest of the company began on January 20, 2003.
Standard Kimya Petroleum Natural Gas Industry and Trade Corporation won the auction held on June 6, 2003. However, the tender was cancelled as the company could not fulfil its liabilities in a certain period.
The Privatization Administration Board held another auction on August 26, 2003 for block sale of 88.86 percent of Petkim's shares. However, the auction was cancelled on January 30, 2004 due to insufficient bids.
34.5 percent of Petkim shares were sold by public offering in April 2005. At the end of final bargaining on July 5, 2007 for privatization of Petkim's 51 percent of shares by block sale method, TransCentralAsia consortium made the highest offer of 2.050 billion USD.
However, Turkey signed a contract with Socar-Turcas-Injaz consortium, the second highest bidder with 2.040 billion USD.
Petkim's 51 percent of shares were transferred to Socar&Turcas Petrochemical Corporation in 2008.
Established in 1965 under leadership of Turkish Petroleum Corporation (TPAO), Petkim opened five factories at its production complex in Izmit in 1970. Then, other factories were opened.
Petkim decided to open a second complex in Aliaga town of the Aegean province of Izmir to meet the increasing demand.
Aliaga complex became operational in 1985. Petkim's net sale is 2.9 billion Turkish liras (TL). The company employs 2,631 people and it has a market share of 26 percent.
38.68 percent of Petkim shares are traded at the Istanbul Stock Exchange (ISE).
