The regional consortium TransCentral Asia Petrochemical Holding has won the race for the controlling stake the Turkish government is selling in the country’s largest petrochemical producer, Petrokimya Holding (Petkim, Aliaga; www.petkim.com.tr) – see Plasteurope.com Web of 03.04.2007. The Kazakh-Russian grouping bid USD 2.05 bn. This was some USD 30m more than was bid by the State Oil Company of Azerbaijan (Socar) in a consortium with Turkish refinery operator Turcas Petrol and Inaz Projects Company.

The transaction is subject to approval by the state privatisation agency ÖIB (Ankara; www.oib.gov.tr). Following the sale of 51% of its 62% stake, the Turkish state will continue to hold 11% of Petkim, which had 2006 sales of around EUR 1.2 bn and is a major producer of commodity plastics as well as their feedstocks. The remainder is in free float.

In the fiercely fought run-up to closing, both Turkish business and trade unions expressed concern that the privatisation plan might not be in the country’s interest. Now, the lack of information about the buying consortium is a topic for discussion in the national media as well as the trade unions. The union Petro-Is said it fears the USD 350m investment in production facilities over the past three years could be endangered if the buyer is not financially sound.

Press reports meanwhile have identified the consortium members as the Russian investment bank Troika Dialog (www.troika.ru) and Kazakh companies Caspineft and Investment Production Group Eurasia, as owners of TransCentral Asia Petrochemical Holding. The grouping is said to be planning to take on additional regional partners, to reduce the stake held by the investment bank.

An attempt by the Turkish state to privatise 88% of Petkim in 2003 failed when the highest of five bidders, Standart Kimya, owned by the Uzan family, did not pay the agreed purchase price of USD 605m on time.