BAKU, Azerbaijan, November 9. Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Türkiye reported a net profit of 2.3 billion Turkish liras ($82.3 million) for the third quarter of 2023, as compared to 221 million Turkish liras ($7.7 million) in the second quarter, Trend reports via the company.
As such, Petkim’s net profit rose by 10.6 times quarter-on-quarter.
“Although the global contraction in the petrochemical industry continued in the third quarter, Petkim improved its performance significantly compared to the previous quarter, thanks to the management's cost-cutting and efficiency-enhancing initiatives,” said the company.
On the other hand, reportedly, with the steps taken within the scope of sustainability during this period, Petkim entered the BIST Sustainability 25 Index, which includes leading companies in this field with high sustainability performance traded in Borsa Istanbul.
Petkim is the first and the sole integrated petrochemical facility in Türkiye. 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 Türkiye’s demand for petrochemical products.
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