SOCAR’s petrochemical complex reduces short-term debt by around $90M

Oil&Gas Materials 17 August 2021 17:34 (UTC +04:00)
SOCAR’s petrochemical complex reduces short-term debt by around $90M

BAKU, Azerbaijan, Aug.17

By Leman Zeynalova – Trend:

Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Turkey has reduced its short-term debt by around $90 million, Trend reports with reference to SOCAR.

The company’s assets grew by 23 percent coupled with 29 percent increase in capital. The spending rose by 110 percent, while naphtha saw a 60 percent increase in price. The use of production capacity increased by 2.5 percent year-on-year and the turnover reached to 7.397 billion Turkish liras ($881.2 million), including 2.649 billion Turkish liras ($315.5 million) worth commercial sales.

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.

Petkim has marked record financial figures in Q2 2021 since its commissioning. As such, Petkim’s net income stood at 1.325 billion Turkish liras ($157.8 million), while its overall turnover reached 397 million liras ($47.2 million). All in all, the company’s net income in H1 2021 amounted to 2.216 billion Turkish liras ($263.9 million).


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