Injaz Projects said its joint venture offer of $2 billion to acquire a 51 per cent stake in Turkish state-owned petrochemicals manufacturing company Petkim Petrokemiya will close in late January.
Injaz Projects - together with its partners, Azerbaijan Oil and Gas Company (Socar) and Turcas Petroleum - formed a joint venture group in early 2007 to win the Petkim tender, but also to create a regional force in the petrochemical sector.
"We are optimistic that the Socar-Turcas-Injaz joint venture group will close the Petkim acquisition by late January 2008," said Ameen Killidar, CEO of Injaz Projects.
"Injaz Projects believes that Turkey's petrochemical sector could be worth as much as $12 billion annually by 2015," he added.
Turkey's petrochemical sector is believed to be worth $6.5 billion annually.
Injaz Projects - together with its partners, Azerbaijan Oil and Gas Company (Socar) and Turcas Petroleum - formed a joint venture group in early 2007 to win the Petkim tender, but also to create a regional force in the petrochemical sector.
"We are optimistic that the Socar-Turcas-Injaz joint venture group will close the Petkim acquisition by late January 2008," said Ameen Killidar, CEO of Injaz Projects.
"Injaz Projects believes that Turkey's petrochemical sector could be worth as much as $12 billion annually by 2015," he added.
Turkey's petrochemical sector is believed to be worth $6.5 billion annually.
Via: Gulf News
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