Turkey’s Petkim opens bids to privatize part of its stock
Turkish petrochemical holding Petkim has announced a tender to privatize 10.32 percent of the company's state-owned shares, the state-run Resmi Gazete newspaper reported on Monday.
Initial cost of the shares is estimated at $3 million.
Bids are to be submitted by March 20.
Socar is a co-owner of Petkim, Turkey’s largest petrochemicals complex. Previously, Socar Turkey Enerji began construction of a new oil refinery in Turkey to meet Petkim's needs for raw materials.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC, detergents and is the only Turkish producer of such products, 25 percent of which is exported.
At present, Petkim’s share in the domestic petrochemicals market is 25 percent, but it will increase to 40 percent as a result of the ongoing operations.
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