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SOCAR’s Petkim extends time of repaying receivables

Oil&Gas Materials 11 May 2021 10:03 (UTC +04:00)
SOCAR’s Petkim extends time of repaying receivables

BAKU, Azerbaijan, May 11

By Leman Zeynalova – Trend:

Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Turkey has extended the time of repaying receivables during the period of total lockdown due to COVID-19, Trend reports via Turkish media.

Petkim announced that it has postponed the repayment of its receivables in order to support its customers during the total lockdown period throughout Turkey.

As such, the company will collect its domestic customers' debts due between May 10 and May 31 on June 1.

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.

It got net profit of 892 million Turkish liras ($107.7 million) in the first three months of 2021.

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.

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Follow the author on Twitter: @Lyaman_Zeyn

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