BAKU, Azerbaijan, November 9. The Petkim petrochemical complex, under Azerbaijan’s state oil company SOCAR, has witnessed a substantial increase in its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), Trend reports citing the company.
Petkim's EBITDA skyrocketed by an impressive 8 times, climbing from 196 million Turkish liras ($6.9 million) in the second quarter of 2023 to a notable 1.6 billion liras ($54.9 million) in the third quarter. Reflecting this financial ascent, the EBITDA margin surged to 12 percent in the third quarter, a significant rise from the 1.8 percent recorded in the second quarter.
Looking forward, SOCAR Türkiye expresses optimism about the Petkim petrochemical complex's future in 2024. Kanan Mirzayev, Acting Head of SOCAR Türkiye's Refinery and Petrochemical Business Unit, and Acting General Manager of Petkim, conveyed confidence in the upcoming year, stating, "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."
Petkim, renowned as the first and only integrated petrochemical facility in Türkiye, stands as the largest exporter in the Aegean region. With a robust production capacity of 3.6 million tons per year and a diverse portfolio of 60 different products, Petkim exports to 78 countries, meeting about 20 percent of Türkiye’s demand for petrochemical products.
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