Turkey-based petrochemical maker Petkim reported a profit of TRY311 million ($36 million) in the July-September quarter, representing a 36% year-on-year increase and 114% quarter-on-quarter surge. Meanwhile, operating cash flows in the period reached TRY1.7 billion ($201 million). Petkim attributed the positive financial results to the optimization of operational expenses, the development of production processes, the maximization of its facilities working days, and effective maintenance programs.
Anar Mammadov, the head of SOCAR, the parent company of Petkim, said Petkim achieved its pre-pandemic sales targets despite a 25% decline in product prices. He noted that Petkim received an uninterrupted supply of feedstock naphtha from the nearby STAR refinery, which is also part of SOCAR. SOCAR also plans to build a petrochemical project in Izmir in cooperation with BP.
