SOCAR ups investment in developing Turkey's Petkim petrochemical complex 54% in 9M to $82 mln

BAKU. Nov 11 (Interfax) - State Oil Company of the Azerbaijani Republic (SOCAR)'s investments in developing Turkey's Petkim Petrokimya Holding petrochemical complex exceeded 2.796 billion Turkish lire or around $82 million in January-September 2024, the petrochemical complex said in reporting.

Investment totaled more than 1.816 billion Turkish lire in 9M, up 53.9%.

"Investments will be channeled towards modernizing Petkim's plants, general improvements and technological development, energy efficiency and environmental protection throughout 2024," it said.

Petkim reduced production 11.1% in 9M 2024 to 1.596 million tonnes. Sales of petrochemical products fell 0.4% to 1.389 million tonnes.

Load factor for the complex's production facilities was 60.5% during the reporting period compared to 66.9% a year earlier.

Petkim's net losses stood at 94.067 million Turkish lire or $2.745 million in 9M 2024 compared to 9.556 million lire or $278.95 million during the same period last year.

Petkim's income totaled $1.668 billion, down 7.6%, and cost of sales $1.688 billion, down 10.2%. Gross losses were $19.723 million, down 73.7%.

Main operating losses fell 30.9% to $114.5 million and losses before tax fell 63% to $71.652 million. Deferred income taxes stood at $68.9 million, resulting in the holding's net loss.

Petkim's assets as of September 30, 2024 were equal to $3.47 billion, down 8.6% since the start of the year, including current assets of $697.5 million, down 13.5% and long-term assets of $2.773 billion, down 7.3%.

Liabilities are estimated at $1.652 billion at the end of September, down 6.1%, and equity capital fell 10.8% to $1.817 billion. Petkim's share capital was unchanged at $73.975 million.

SOCAR's subsidiary, SOCAR Turkey Enerji, owns a controlling share of 51% in Petkim Petrokimya Holding.

SOCAR's annual investment in developing the Petkim complex totals $100 million. Investments stood at 3.2 billion Turkish lira or $99.2 million in 2023.