Green light from Council of State for Petkim sale
Posted by meb at March 4th, 2008
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-İş) appealing a Feb. 8 Supreme Privatization Board (ÖYK) 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 ÖYK and that its duties were clearly defined in the relevant laws and regulations.
The privatization of 51 % 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.
source: Today’s Zaman
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