Turkish court rejects union effort to block sale of chemical company

Petrol Is officials said they will appeal the court’s ruling allowing the sale of Petkim.

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Güncelleme: 17:09 TSİ 19 Mart 2008 Çarşamba

ANKARA - A Turkish court has rejected a motion by the union representing workers in the country’s oil industry to block the sale of state-owned chemicals company Petkim.

Haberin devamı

The Danistay, Turkey’s highest administrative court, ruled on Wednesday that there was no legal obstacle to the sale of the company.

The union Petrol Is had sought to reverse the decision to sell Petkim to a consortium consisting of Turkish energy firm Turcas, Azeri petrochemicals company Socar and Injaz Projects of Saudi Arabia. The consortium won the tender for a majority stake in Petkim in July, offering $2.04 billion. The sale was suspended in December after the Danistay agreed to hear the suit lodged by Petrol Is.