3/28/2008

Turkey's Petrochemical Holding Co. sale to be completed by May 7

Today's Zaman - The transfer of 51 percent of Turkey’s largest petrochemicals producer Petkim to Azeri consortium SOCAR-Turcas-Injaz is expected to be completed by May 7. Erdal Aksoy, the chairman of Turcas, one of the companies in the consortium, said alternatives for the payment in the Petkim sale were being evaluated and that a final decision on payment would be announced before April 14. Aksoy had previously said their investment program for Petkim forecasts $10 billion in investments within seven to eight years and the construction of two power plants in addition to an upgrade of the main facility. He had also said Petkim would get a 40 percent share in the domestic market.

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