OREANDA-NEWS. October 19, 2007. As it announced, on July 5, 2007 open tender was called for the privatization of 51 percent of Petkim, the biggest petrochemical firm of Turkey. SOCAR-Turcas Joint Venture which was founded in Turkey and Saudi-based Injaz Projects took part in the bidding. SOCAR-Turcas differed among 7 big firms participating in the bidding, by fiercely competing with 4 big financial industrial groups of Turkey, as well as with industrial alliances of major bank and companies of Israel, India, Russia and other countries. According to the news obtained on October 16, Tender Commission of Turkey’s Privatization Administration (PA) cancelled the results of tender for the privatization of the government’s 51 percent stake in Petkim. PA submitted the decision to High Board to approve SOCAR-Turcas Joint Venture as a winner. It may result in the ownership of SOCAR-Turcas-Injaz over Petkim.