Thursday, January 10, 2008
Turkey suspends resolution on sale of Petkim oil enterprise
28 December 2007 - APA - Execution of a resolution on the sale of Petkim (Perokimya Holding), one of the biggest enterprises of Turkey to a consortium, comprising SOCAR, Turcas and Infaz, has been suspended. The Turkish court instance Danishtay (acting as an Economic Court) considered the claim of Petrol Iş Sendicasi trade union. It passed a decision to suspend execution of a resolution of Turkey's supreme body for privatization dated February 8, 2007 on privatization of 51% in state-owned Petkim and terms of the due tender. The barrister of the trade union Gekkhan Djandogan noted that they had filed four claims on the sale of Petkim, with two of them granted. He also informed about the further steps: "We should wait for the completion of the trial. Materials on Petkim will be sent to the 13th circuit of Danishtay to adopt a final decision. If the decision is the same, the sale of Petkim will be annulled". It should be reminded that Petkim was sold to the SOCAR-Turcas-Injaz consortium for $2,04 billion.