Injaz wins key stake in Petkim Petrokemiya
Posted: 30 October 2007
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Saudi-based Injaz Projects and its consortium partners, Azerbaijan Oil & Gas Company (SOCAR), the Kazmunaigaz Company of Kazakhstan and Turcas Petroleum AS of Turkey , have been awarded the controlling stake in Petkim Petrokemiya, a Turkish petrochemicals manufacturer.
This follows the Turkish government’s reversal of its decision to sell the state-owned petrochemicals manufacturing company to the highest bidder.
Six international consortiums, including major operators and investment companies specialising in the field of petrochemicals were competing with the Injaz consortium for these shares.
Second contender in the Petkim privatisation deal, the Injaz consortium offered $2.04 billion for 51% of the shares. Injaz Projects owns 10% of the majority share holding acquired by the consortium.
The Saudi company acted as a technical consultant and developed the financial model for the bid, working jointly with Standard Bank and Finansinvest.
“The entry of Injaz Projects into the Turkish market will enhance the company's status as an international investor and developer giving us, the credentials that will allow us to participate in other petrochemical projects regionally,” said Ameen Killidar, chief executive officer of Injaz.
The Petkim industrial complex is strategically located on the west coast of Turkey and the company is considered to be one of the most important petrochemicals manufacturers in the region, owning a significant market share in Greece and the Black Sea countries. Exports are already making a positive impact on Petkim‘s prospects, which are further enhanced by the planned development of long term relations with major clients.
In addition to the massive investment in developing infrastructure facilities which took place between 2004 and 2006, Petkim has licences for several future projects which include building oil refineries, a utility plant and liquid oil gas stations.
Injaz Projects is a conglomerate owned by three Saudi corporations: Al Muhaideb Group which owns 40 per cent; Al Fozan Group which also owns 40 per cent; and Amwal Al Khaleej which owns 20%. The company‘s headquarters are in Saudi Arabia, with a branch in Bahrain.
The company develops mega projects in various sectors in the Mena region and provides technical and financial consultancy services for oil, energy, infrastructure and telecom projects. Injaz is looking to capitalize on the liberalizing of economies in the region, pursing privatisation initiatives. |
