BAKU, Azerbaijan, November 9. Gross profit of Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Türkiye grew by 4.6 times quarter-on-quarter, Trend reports via the company.
Its gross profit stood at 1.7 billion Turkish liras ($60.5 million) in the third quarter of 2023, as compared to 379 million liras in the second quarter ($13.3 million).
“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.
SOCAR Türkiye is looking ahead to a more promising outlook for the Petkim petrochemical complex in 2024.
"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," said earlier Kanan Mirzayev, Acting Head of SOCAR Türkiye's Refinery and Petrochemical Business Unit, and Acting General Manager of Petkim.
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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