TURKEY - The Petrochemical Sector.
Turkey has a diversified petrochemical sector. Private business groups are involved in a wide range of activities in this sector. Petrochemicals are produced both for local consumption and for export. Petrochemical imports, necessary to meet the diverse requirements of domestic industries, have risen in recent years.
The largest petrochemical combine in the country is the state-controlled Petrokimya Holding A.S. (Petkim). This has been one of the most profitable state companies in Turkey for years.
Petkim will be privatised, with 51% of the company to be sold to a strategic partner later in 2002. This will follow a privatisation of the country's main oil marketer POAS POAS Principal Officials Accountability System (Hong Kong)
POAS Pee On A Stick (home pregnancy test)
POAS psychological operations automated system (US DoD)
POAS Poop On A Stick and main oil refiner T?pras (see DT 21). Successive governments since the late 1980s have failed to sell Petkim off due to political wrangling, despite a high degree of interest among local and foreign investors.
Turgut Bozkurt, 53, Petkim's former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , in early May 2002 took over as head of the government's Privatisation Commission to succeed Ugur Bayar. Bayar was sacked in April after repeated clashes with Yilmaz Karakoyunlu, the minister responsible for privatisation who had little understanding of sell-offs (see who's who Who’s Who
biographical dictionary of notable living people. [Am. Hist.: Hart, 922]
See : Fame in next week's APS Review).
The petrochemical industry in Turkey has been undergoing a period of shake-up and consolidation, as a result of two factors:
- Turkey's signing of the EU customs union customs union
Trade agreement by which a group of countries charges a common set of tariffs to the rest of the world while allowing free trade among themselves. It is a partial form of economic integration, intermediate between free-trade zones, which allow mutual free trade agreement, which became effective on Jan. 1, 1996; and
- the opening up of the Commonwealth of Independent States Commonwealth of Independent States (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec. (CIS Cis (sĭs), same as Kish (1.)
(1) (CompuServe Information Service) See CompuServe.
(2) (Card Information S ), following the collapse of the Soviet Union, with key CIS members now competing as exporters of petrochemical products to regional markets.
In the past four years, however, CIS petrochemicals moving into Turkey have had no serious effects on the sector or on Petkim's profitability.