SOCAR’s Turkish petrochemical subsidiary, Petkim reported a net profit of TRY145 million ($19.6 million) in the second quarter of 2020. Turkey’s sole integrated petrochemical plant also posted a sales revenue of TRY2.2 billion ($297 million), with domestic sales increasing by 10%. According to SOCAR, Petkim focused on producing raw material for packaging and medical supply in Q2 to help Turkey to battle the coronavirus pandemic.
SOCAR said its STAR Refinery managed to supply naphtha to Petkim uninterruptedly during the period. The refinery is located next to Petkim in the Izmir province in the Aegean region. SOCAR also plans to construct another petrochemical facility in a joint investment with BP with an estimated cost of $1.8 billion.
