Turkish Privatization Administration said Wednesday that there was no injunction preventing Turkish energy company Turcas from participating in government tenders and Socar&Turcas-Injaz OGG joint venture, which acquired Petrochemical Holding Co. (PETKIM) for 2,040 million USD, was eligible to participate in public tenders.

Denying news reports regarding the sale of Petkim, the administration said in a statement that 51 percent of the company was sold to Socar&Turcas-Injaz OGG joint venture, which is comprised of two companies, Socar&Turcas Enerji A.S and Injaz Projects Company Limited.

Shares in Turcas were suspended on Wednesday after a newspaper report said a regulation prevented the company from participating in government tenders.

It recalled that Higher Board of Privatization approved the sale of Petkim on November 22nd, noting that the administration investigated the structure of the joint venture and confirmed that these two companies were eligible to participate in public auctions.

Earlier this month Turkey's High Privatisation Board handed the Turkish-Azeri-Saudi consortium the winning bid for the stake in Petkim following its $2.04 billion bid. That decision awarded the second highest bidder and denied the top bidder, Kazakhstan-based consortium Transcentral Asia Petrochemical Holding, having an Armenian partner, to have a controlling stake in Petkim.