(MENAFN- AzerNews) By Kamila Aliyeva
Profit of Petkim Petrokimya Holding AS increased by 93 percent in 2017 compared to 2016, the company's General Manager Anar Mammadov said, Turkish media outlets reported.
Mammadov said that the company's profit rose from 725 million Turkish liras ($189 million) in 2016 to 1.4 billion liras ($366 million) in 2017.
'The main reason for the increase in profits is explained with the decline in oil prices and the depreciation of the Turkish lira, as well as the increase in production thanks to the effective work. About 3.42 million tons of products were produced with a production capacity of 3.6 million tons, in other words, the capacity was used by 97 percent. About 10 percent of the increase was achieved thanks to the implementation of the 'My Petkim program, the general manager noted.
He said that as a result of Petkim's integration with the STAR refinery, annual profit will increase by $100 million.
'We will improve our efficiency after integration with the STAR refinery, and $60 million of additional profit will be received thanks to advantages in the field of logistics, and additional $40 million through carrying out joint services, Mammadov added.
Petkim, in which SOCAR Turkey Petrokimya A. S. has a share of 51 percent, produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The rest of the complex shares are in free circulation on the stock exchange.
The complex includes 14 plants that produce 20 different types of products.
STAR Oil Refinery with a capital of $5.7 billion will process 34,000 cubic meters of crude oil daily.
SOCAR Turkey Energy A.S. earlier reported that STAR will reduce Turkey's annual deficit by about $1.5 billion.
STAR refinery will meet more than 25 percent of the processed oil products need of Turkey upon its startup. Certified with the first investment incentive granted by Turkey, STAR Refinery will eventually reduce the foreign-dependency of the country.
STAR refinery, foundation of which was laid in 2011, is currently under construction on a 2,400-hectare site on Aliaga Peninsula. With a crude oil processing capacity of 10 million tons, STAR refinery is underway as the most critical component of SOCAR Turkey's integrated energy solutions and value chain.
STAR refinery will be put into service with a total investment of $5.6 billion. The construction of the Refinery is undertaken by a multinational consortium, comprised of Técnicas Reunidas (Spain), Saipem (Italy), GS Engineering (South Korea) and ITOCHU (Japan).
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