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Turkey Reverses Petkim Privatization

10:12 AM MDT | October 22, 2007 | Chemical Week Editorial Staff

The Turkish government has reversed a decision to sell a 51% stake in petrochemical producer Petkim (Izmir, Turkey) to TransCentralAsia Petrochemical Holding for $2.05 billion. The Privatization Administration (Ankara) selected TransCentralAsia earlier this year as the winning bidder in an auction for the Petkim stake (CW, July 18, p. 5). TransCentralAsia is owned by a consortium of Kazakh and Russian investors. The administration says that it will offer the stake instead to the Socar-Turcas-Injaz consortium, the second-highest bidder at $2.04 billion...

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