Anar Mammadov: “SOCAR’s investments in Petkim reached $1B”

“Turkey’s petrochemical sector has great opportunities and grows 6-7% every year," Petkim Director General Anar Mammadov said at a conference held for journalists in Izmir.

According to him, Petkim is currently the only integrated enterprise of Turkey producing petrochemical products: "Petkim is able to meet 20% of Turkey’s need for petrochemical products. In order to meet the demand, huge funds are invested in this sector, which has a potential for growth. SOCAR has invested $100 million in Petkim per year since 2008 and its extra investments have reached $1 billion."

Mammadov added that nearly 6,000 small and medium enterprises use 60 sorts of products produced in 15 main and 6 subsidiary facilities of Petkim: "The company ended 2018 on TRY 872 million in profit. In the first half of 2019, the company hit record with the income of TRY 5.9 billion and net profit of TRY 439 million. Compared to the first half of 2018, Petkim’s earnings before interest, taxes, depreciation, and amortization increased by 26% settling at TRY 890 million in the same period of 2019."