Injaz Projects on schedule to close Turkish petrochemical in 2008
Posted: 11 December 2007
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Injaz Projects, the mega-projects company, has said that its joint venture proposal of $2 billion to acquire a 51%, controlling stake in Turkey’s state-owned petrochemicals manufacturing company, Petkim Petrokemiya, is on schedule to close in late January of 2008.
Injaz Projects – together with its partners, Azerbaijan Oil and Gas Company (Socar) and Turcas Petroleum – formed a joint venture group in early 2007 for the purpose of winning the Petkim tender, but also to create a regional force in the petrochemical sector, according to an Injaz Projects spokesperson.
“We are optimistic that the Socar-Turcas-Injaz joint venture group will close the Petkim acquisition by late January 2008,” said Ameen Killidar, Chief Executive Officer of Injaz Projects.
“Injaz Projects believes that Turkey’s petrochemical sector could be worth as much as $12 billion annually by 2015, so we are keen to get into the market now and begin immediately to contribute to Petkim’s development,” added Killidar.
Turkey’s petrochemical sector is currently believed to be worth $6.5 billion annually.
Petkim fulfills 25% of the local demand and produces thermoplastics, textile intermediary products, synthetic rubber raw materials, and other petrochemicals. The company has an annual production capacity of 1.78 million tonnes.
Injaz Projects delivers strategic, financial, and project management services for individual and consortia-backed projects, from telecom licensing agreements to the construction of entire cities. |
