BAKU, Azerbaijan, Feb.28
By Leman Zeynalova – Trend:
Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Turkey has reduced short-term debt by $460 million in 2021, as compared to 2020, Head of the SOCAR Turkey Refinery and Petrochemicals Business Unit, director general of Petkim petrochemical complex Anar Mammadov said, Trend reports citing SOCAR.
He noted that aside from product sales, Petkim has also increased commercial sales year-on-year.
“Holding more than 33 percent share in the total sales volume, the commerical sales brought $65 million worth profit. In order to be ready for uncertainties related to the COVID-19 pandemic in 2020, we increased liquidity and optimized it in 2021, reduced expenditures, thereby reducing our short-term debt by $460 million. Last year we managed to reduce our net interest expenses by effectively managing financial risks. We continue to strengthen the program of value creation and optimization initiatives,” added 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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