OREANDA-NEWS. November 23, 2007. With the resolution № 2007/63 the Prime Ministry Privatization Administration of Turkey approved the sale of 51 percent of shares of Petkim Petrochemical Holding Co. to a consortium of SOCAR & Turcas-Injaz. An open tender was announced on July 5, 2007 to privatize 51 percent of state shares in the largest petrochemical company of Turkey. SOCAR-Turcas joint venture established by SOCAR in Turkey and Saudi-based Injaz Projects also participated in the tender. Being especially notable among 7 alliances, SOCAR-Turcas decisively competed with 4 big financial and industrial groups of Turkey, as well as consortiums established by prominent bank and companies of Israel, India, Russia and other countries. On October 16 Competition Board of Privatization Administration cancelled the results of a July tender for privatization of a 51 percent controlling stake in Petkim and presented the decision about selling the share to SOCAR-Turcas to the Competition Authority for approval. Having gone through all appropriate channels of Turkish government, the decision was finally approved. The sale of a 51 percent controlling stake in petrochemical firm Petkim to the consortium of SOCAR & Turcas-Injaz is estimated as the consequence of economic policy of the Azerbaijani government.