Turkey said on September 19th that a mandate for the privatization of state petrochemical producer Petkim will be awarded soon and that a further share offering in the primarily state-owned refiner Tupras is planned for the second quarter of 2001.
Under its three-year disinflation pact with the International Monetary Fund, Turkey has targeted $7.6 billion of state asset sales as a key source of revenue. Although the sale of a stake in Petkim has been expected in 2000, only an asset sale of the producer's Yarimca plant, located in western Turkey, will be offered this year.
An official from the Privatization Administration (OIB) said that: “A probable public offer or block sale of Petkim is for 2001.” A block sale of 51 percent of the company, followed by a public offering of an additional 15-20 percent, is currently being considered, although the final terms will depend on market conditions.
The OIB also plans an additional public offering of Tupras, which would bring the private holding in the firm to over 50 percent. In April, a 31.5 percent secondary offer in the company, Turkey's largest public offering at the time, brought in close to $1.2 billion.
The additional offer is expected to be a minimum of 15 percent and, according to the administration, “our aim is to use the third offering to bring it up to 51 percent and make it a private company.” Shares in Petkim were down 2.38 percent to 10,250 lira ($.02) at close on September 18th, while shares in Tupras fell 2.08 percent to 23,500 lira ($.04) on September 19th.
( oilnavigator )
© 2000 Mena Report (www.menareport.com)
