Petkim revenues grow by 5-fold

Baku. 16 November. REPORT.AZ/ Revenues of Petkim Holding increased by 4.8-fold in 2008-2016.

Report informs, Rovnag Abdullayev, President of SOCAR (the State Oil Company of Azerbaijan Republic) said at a business dinner organized by the American Chamber of Commerce in Azerbaijan (AmCham) in Baku.

"We managed to increase the company's assets 3.7-fold, equity capital 2.6-fold. During 9 months of 2017, Petkim net profit amounted to 1.027 billion TRY ($ 266 mln), which is more by 169% than in 2016", SOCAR President said.

Notably, after privatization process completed in 2008, the State Oil Company of Azerbaijan Republic (SOCAR) became main shareholder of Petkim. Currently, SOCAR owns 51% of Petkim Holding shares. The rest of Petkim’s stakes is in circulation at Istanbul Stock Exchange. Petkim is the first and only petroleum chemical complex in Turkey and the biggest exporter of Aegean region.