The Reason of Nationality
Turkey has turned off the bid of consortium of Transcentral Asia Petrochemical Holding set up by Troika Dialog for buying Petkim, which is the leading petrochemical company of the country. The stake in Petkim will go to the consortium of companies from Turkey, Azerbaijan and Saudi Arabia that offered $10 million less than Transcentral Asia Petrochemical. According to the local media, the reason was Armenia’s origin of Ruben Vardanyan, the principal holder of Troika Dialog.
The competition authority of Turkey won’t consider the bid of Transcentral Asia Petrochemical Holding set up by Troika Capital Partners (TCP, part of Troika Dialog), Kazakhstan’s IPG Eurasia and JSK Caspi Neft for buying 51 percent in Petkim. The consortium won the tender for the stake in summer, having offered $2.05 billion for it.
Yesterday, however, it was announced that the authorities preferred the bid of contender, the consortium of Azerbaijan’s GNKAR, Turkish Turcas and Saudi Arabia’s Injaz OGG that was ready to pay $10 million less for the stake. The reason for altering the decision hasn’t been officially announced.
In IPG Eurasia, they didn’t comment on the news. TCP representatives said they were surprised and reserved to clarify the situation. One of the consortium members expressed the general astonishment, adding the deal was at full blast. According to Turcas BOD member Batu Aksoy, the tender for selling Petkim hasn’t been cancelled but the privatization authorities decided to present the stocks of Petkim to the second biggest bidder instead of the first one.
Petkim controls 27 percent of petrochemical market of Turkey. Its plants produce plastics, polymeric compounds, olefins and synthetic fibers. 2006 revenues reached $1.45 billion; net profits equaled $40 million. The Turkish authorities have been trying to sell Petkim for four years already.
www.kommersant.com
All the Article in Russian as of Oct. 18, 2007
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