BAKU, Azerbaijan, Aug.17
By Leman Zeynalova – Trend:
Current ratio of Petkim Petrochemical Holding of Azerbaijan’s state oil company SOCAR in Turkey has increased from 1.9 to 2.2, Head of the SOCAR Turkey Refinery and Petrochemicals Business Unit and General Manager of Petkim Anar Mammadov said, Trend reports citing Turkish media.
"Thanks to our effective management of working capital, we succeeded in generating 1 billion lira in cash from operational activities in the first half of the year. In this period, the current ratio of our company increased from 1.9 to 2.2. This means that the managerial steps we made to avoid liquidity problems were successful. I would like to state once again that despite all the negativities, we achieved the targets we set in the 2020 budget,” he said.
SOCAR Turkey acquired and made Petkim focal point of its investments in 2008.
The petrochemical products, produced by Petkim, are used in several industrial branches such as automotive, electrics, electronics, agriculture, packaging, textile, pharmaceutics, paints, construction, detergent and cosmetics.
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