BAKU, Azerbaijan, October 6. Fitch Ratings has projected a gradual return to mid-cycle earnings for Petkim, the petrochemical complex owned by Azerbaijan's state oil company, SOCAR, operating in Türkiye, Trend reports.
Furthermore, Fitch anticipates an augmented level of support from SOCAR, its majority parent company. The credit rating agency also foresees sustained parental backing to ensure liquidity.
Petkim's business profile has been positively assessed by Fitch, owing to its well-invested asset base and a robust position within Türkiye's domestic petrochemical market. Additionally, it exhibits a degree of resilience against fluctuations in foreign exchange rates.
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.
Petkim reported a net profit of 221.2 million Turkish lira ($8.2 million) in the second quarter of 2023.
The profit growth was 68.7 percent, or 90.4 million lira ($3.3 million), compared to the first quarter. The company's profit in the first quarter was 130.8 million lira ($4.8 million).
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