GREEN LIGHT FROM COUNCIL OF STATE FOR PETKIM SALE

Today’s Zaman
March 4 2008
Turkey

The Council of State has rejected an appeal for cancellation of the
privatization of petrochemicals producer Petkim.

The Council of State on Monday rejected a lawsuit filed by the Union of
Petroleum, Chemicals and Rubber Workers (Petrol-Ýþ) appealing a Feb. 8
Supreme Privatization Board (OYK) decision to approve the sale. In
a written statement issued after the decision, the Council of State
said the case was not within its jurisdiction, that the authorized
privatization body was the OYK and that its duties were clearly defined
in the relevant laws and regulations. The privatization of 51 percent
of Petkim through a block sale was compliant with the privatization
law and the principles embodied within that law, the statement
also said. After some controversy, Azerbaijan’s SOCAR-Turcas-Injaz
consortium, which had submitted the second highest bid in a July 5
tender for the block sale of a 51 percent state-owned stake in Petkim,
won the tender with $2.04 billion bid. After the tender, the Kazakh
consortium was accused of being supported by the Armenian diaspora
and the tender commission decided to exclude the bid submitted by
the Kazakh consortium, awarding it to the Azerbaijani consortium.

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