SOCAR’s Petkim gets record level of net income

Oil&Gas Materials 17 August 2021 16:59 (UTC +04:00)
SOCAR’s Petkim gets record level of net income

BAKU, Azerbaijan, Aug.17

By Leman Zeynalova – Trend:

Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Turkey has marked record financial figures in Q2 2021 since its commissioning, Trend reports with reference to SOCAR.

As such, Petkim’s net income stood at 1.325 billion Turkish liras ($157.8 million), while its overall turnover reached 7.397 billion liras ($881.2 million). All in all, the company’s net income in H1 2021 amounted to 2.216 billion Turkish liras ($263.9 million).

The positive trends in the global petrochemical sector put upward pressure on Petkim’s financial performance during this period. Moreover, the global spending was lower than the price hike for products, which was yet another factor positively affecting Petkim’s income. Petkim’s products rose in price as a result of the disruption in supply chains in Asia’s and America’s petrochemical complex and higher-than-expected purchases. The vaccination process also gave an impetus to the overall demand. All these factors ensured high-level financial performance of Petkim, which used 95 percent of its capacity.

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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