BAKU, Azerbaijan, Apr.20
By Leman Zeynalova – Trend:
Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR is expected to increase sales from 5.327 billion Turkish liras in the first quarter of 2021, as compared to 2.766 billion Turkish liras in Q1 2020, or 96 percent growth, Trend reports citing Yapi Kredi Bank.
Its net profit is expected to stand at 698 million TL in Q1 2021 versus net loss of 13 million TL in Q1 2020, according to the Bank.
Petkim’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is set to rise from 155 million TL in Q1 2020 to 1.028 billion TL in Q1 2021, says Yapi Kredi.
“Our forecasts for EBITDA for Q1 2021 are quite higher than that of Q1 2020 due to the stronger demand and prices. The prices for petrochemical products have reached historically high levels due to the imbalance in demand and supply as a result of the closure of some petrochemical facilities in Europe,” said the Bank.
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.
---
Follow the author on Twitter: @Lyaman_Zeyn
