BAKU, Azerbaijan, October 23. SOCAR Türkiye is looking ahead to a more promising outlook for the Petkim petrochemical complex in 2024, as indicated by Kanan Mirzayev, Acting Head of SOCAR Türkiye's Refinery and Petrochemical Business Unit, and Acting General Manager of Petkim, Trend reports.
Mirzayev recalled the challenges faced in the first half of 2023 due to stagnation in global markets and an oversupply of petrochemical products, which had a dampening effect on Petkim's performance. However, he highlighted a more positive performance in the second half of the year, attributed to rising oil prices, increased naphtha prices, and successful product price optimization strategies implemented by Petkim.
"While we anticipate an even more positive outlook for 2024, we await our year-end financial results to provide a comprehensive assessment. In 2024, the performance of both the sector and Petkim will be contingent on global interest rate policies, the demands of countries, especially China, and energy prices," Mirzayev added.
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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