Petkim’s PETKIM.IS to be put up for sale next week

The tender announcements for the block sale of 88.06 percent of PETKIM will be given as of next week, according to the information obtained by Reuters from the Privatisation Administration officials.

The tender regarding the Petkim sale was cancelled since Standart Kimya Petrol Dogalgaz Sanayi ve Ticaret AS, under Uzan Group, which counters with several problems since its energy companies and banks were seized, did not fulfill the tender criteria.

Standart Kimya had submitted the highest bid for Petkim tender with $605 million. Although the sale was approved by the Privatization Administration, the company had not submitted the letter of assurance within the 30 days required.