ISTANBUL (Dow Jones)--Turkish fuel distributor and energy firm Turcas Petrol A.S. (TRCAS.IS) board member Batu Aksoy said Monday the consortium that purchased Petkim (PETKM.IS) will invest $2 billion in the petrochemical producer until 2015, the Ihlas News Agency, or IHA reported. As a result, "petrochemicals revenue of Petkim will increase to $4 billion from the current $1.5 billion and production will rise to 6.4 million tons from the current 3.2 million tons, during this period," Batu Aksoy told a press conference.
In a privatization tender held in July, a consortium consisting of Azeri energy firm Socar, Saudi-based Injaz Projects and Turcas submitted a bid of $2.04 billion for a 51% controlling stake in Petkim.
In early November, Turkey's High Privatization Board announced the Turcas-Socar-Injaz consortium had won the tender, despite a higher bid by Kazakh-Russian consortium Transcentral Asia Petrochemical Holding.