Turkish Privatization Agency, or OIB, said Thursday that the Supreme Board of Privatization, a body consisting of privatization officials including cabinet members, has approved the sale of state petrochemicals producer Petkim to SOCAR-Turcas-Injaz Consortium, the Ihlas News Agency, or IHA, reported.
In a tender held in July, Kazakh-Russian consortium Transcentral Asia Petrochemical Holding submitted the highest bid of $2.05 billion for a 51% controlling stake in Petkim while the second highest bidder was a consortium of Azeri energy firm Socar, Saudi-based Injaz Projects and Turkish energy company Turcas with $2.04 billion.
In mid-October OIB, effectively ruled out TransCentralAsia in the Petkim race by sending the second-highest bid in the tender, to the Competition Board as the next step of the sale process, instead of the highest one.