Injaz Projects, the mega-projects company, has said that its joint venture proposal of USD 2 billion to acquire a 51 percent, 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 USD 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 USD 6.5 billion annually.
Petkim fulfills 25 percent 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 tons.
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.
About Petkim
Petkim Petrokimya Holding A.S. engages in the production and supply of petrochemical products in Turkey. Its product line includes low density polyethylene, high density polyethylene, polyvinyl chloride, polypropylene, masterbatches, olefins, fibers, and aromatics. Petkim Petrokimya was founded in 1965 and is based in Aliaga, Turkey. For more information, please visit www.petkim.com.tr.
About Injaz Projects
Injaz Projects is a full-service ‘mega-projects’ development company which offers professional services – from industry analysis and market assessment to portfolio management – to markets across the Middle East and North Africa. Its mission is to capitalize on the increasing deregulation and liberalization of the region, bringing expertise to privatization projects in the infrastructure, telecom, and energy/utilities sectors. Injaz Projects was founded in 2006 and is based in Riyadh, Kingdom of Saudi Arabia. For more information, please
