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SOCAR’s Petkim sees increase in net profit

Oil&Gas Materials 3 March 2021 11:16
SOCAR’s Petkim sees increase in net profit

BAKU, Azerbaijan, March 3

By Leman Zeynalova – Trend:

SOCAR’s Petkim petrochemical complex in Turkey saw a 14 percent increase in net profit in 2020, as compared to 2019, Trend quoted Head of the SOCAR Turkey Refinery and Petrochemicals Business Unit and General Manager of Petkim Anar Mammadov as saying.

Petkim’s financial success was achieved as a result of the integrated production with Star Refinery, as wells as the measures to increase productivity and digitalization.

“Effective management of financial resources against the background of interest and exchange rate risks and optimization of operating costs positively affected our results. Our workhours reached the maximum level as a result of improvement of the production process and implementation of effective service programs. As a result of these measures, our net profit increase by 14 percent and reached 1.1 billion Turkish liras, while operating costs stood at 1.9 billion Turkish liras,” said Mammadov.

Petkim is the first and the sole integrated petrochemical facility in Turkey. It is the largest exporter in the Aegean region. Petkim’s production capacity is 3.6 million tons per year. The petrochemical complex produces around 60 different types of products and exports to 78 countries. The complex meets about 20 percent of Turkey’s demand for petrochemical products.

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Follow the author on Twitter: @Lyaman_Zeyn

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