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Azerbaijani SOCAR's Turkish affiliate discloses revenue from 2020 export operations

Oil&Gas Materials 25 January 2021 19:47
Azerbaijani SOCAR's Turkish affiliate discloses revenue from 2020 export operations

BAKU, Azerbaijan, Jan. 25

By Fidan Babayeva - Trend:

Turkey’s Petkim petrochemical complex, a subsidiary of Azerbaijan’s State Oil Company (SOCAR) in Turkey, which is focused on the domestic market to meet local producers' demand for the crude products during the COVID-19 pandemic, successfully continued its export activities, Trend reports referring to the State Oil Company of Azerbaijan (SOCAR).

Petkim SOCAR Turkey, Turkey's largest foreign direct investor, became the export leader in the chemical sector in 2020.

Despite on cancelling ‘Stars of Exports Award Ceremony’ traditionally organized by the Aegean Exporters’ Association this year due to the pandemic, Petkim was evaluated as the best exporter in chemical industry category and as the second best exporter in all other industries by the association members in the past year.

Anar Mammadov, head of SOCAR Turkey's refining and petrochemical business unit, said that Petkim, Turkey's first and only integrated petrochemical complex, pays special attention to the needs of local producers during a pandemic.

Mammadov stressed that the holding carried out export operations in the amount of $363 million during the reporting period.

"Our priority was to meet the needs of the domestic market for raw materials, ensuring the continuity of the production process. In 2020, along with drop in oil prices to record lows due to the pandemic, prices for petrochemical products also dropped," he noted. "Despite this, we maintained a strong position, and Petkim, as in previous years, in 2020 again became the leader in the export of the Aegean region in the chemical sector."

"Thanks to the integration with the STAR refinery, Petkim increased its share in the production of medical devices and packaging raw materials. The company managed to increase its revenue in the third quarter of 2020 by 36 percent compared to the same period of 2019 - to 311 million liras ($42 million), despite the decline in commodity prices due to the pandemic and global conditions," he added.

SOCAR Turkey acquired Petkim in 2008.

Petkim produces plastic packaging, fabrics, PVC, detergents, being the only manufacturer of such products in Turkey.

Thanks to the implemented digital projects, Petkim has managed to improve its efficiency, as well as throughput, energy efficiency and product quality in the current conditions. These projects have also improved the performance of finance and human resources, which is reflected in the financial results.

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