Turkey's Petkim registers Q1 net loss on high naphtha costs

02 May 2012 12:09  [Source: ICIS news]

LONDON (ICIS)--Turkey's Petkim suffered a Turkish lira (TL) 8m ($5m, €3m) net loss in the first quarter of the year, compared to a net profit of TL77m in the same period of 2011, as the high price of naphtha feedstock undercut profits, the company said on Wednesday.

Sales revenue, however, rose by 28% year on year to TL1bn, added Petkim – Turkey's major petrochemical producer.

Increased naphtha prices – caused by rising oil prices – were so high that petrochemical margins were negative, especially in January and February, the company said.

Petkim, which is this year targeting $1bn in annual exports – having achieved $834m last year – added that it spent $15m in the first quarter on boosting capacity, increasing efficiency and completing planned maintenance.

The majority owner of Petkim – the State Oil Company of Azerbaijan – hopes to gradually drive up both export and domestic sales with the construction of a $10bn petrochemical “super site” on a peninsula in Aliaga, near Izmir on western Turkey’s Aegean coast.

($1 = €0.76)

($1 = TL1.75, €1 = TL2.32)

By: Will Conroy
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index