BAKU, Azerbaijan, May 7
By Leman Zeynalova – Trend:
Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR got net profit of 892 million Turkish liras ($107.7 million) in the first three months of 2021, Trend reports citing SOCAR.
The complex focused on the production of raw materials for medical supplies and hygienic products and primarily met Turkey’s domestic needs uninterruptedly supplying products to local industrial facilities.
Petkim’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 56 percent in Turkish liras in Q1 2021, as compared to Q4 2020.
The volume of additional investments in increasing productivity in the plants reached 131 million Turkish liras.
Petkim prioritized paying off debts in order to support financial sustainability and paid 478 million Turkish liras in Q1 2021.
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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