VOL. XLVI

No 27

07-July-2003

TURKEY

Turkey Accepts $605Mn Privatization Bid For Petkim

Turkeys Privatization Administration has accepted a bid of $605mn for an 88.86% stake in the state-owned petrochemical company Petkim by Standard Kimya, which is owned by the Uzan family. The sale of Petkim forms part of government efforts to reform the economy in line with recommendations made by the International Monetary Fund (IMF). Turkey hopes to earn some $4bn during the year by privatizing state-owned...