Turkish fuel distributor and energy firm Turcas Petrol AS (TRCAS.IS) Chairman Erdal Aksoy said Friday the company will invest $3 billion over the next five years in Turkish petrochemical firm Petkim Petrokimya Holding AS (PETKM.IS), in which it has bought a majority stake, Ihlas news agency, or IHA, reported.
Speaking at the handover ceremony of a 51% stake in Petkim to Turcas and its partners Azeri energy firm Socar and Saudi-based Injaz Projects, Aksoy said the company didn't plan any redundancies.
"Petkim is a facility which needs to grow and we will employ new workers even from today." he also said.
In a privatization tender held in July 2007; a consortium consisting of Socar, Injaz Projects and Turcas submitted a bid of $2.04 billion for a 51% controlling stake in Petkim.
In early November 2007, Turkey's High Privatization Board announced the Turcas-Socar-Injaz consortium had secured the tender, despite a higher bid by the Kazakh-Russian consortium Transcentral Asia Petrochemical Holding.