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Friday, 14 May 2021 07:51 GMT

SOCAR Turkey receives International Finance Awards


(MENAFN - AzerNews) By Ayya Lmahamad

SOCAR Turkey, a subsidiary of Azerbaijan's State Oil Company, has received the International Finance Awards in two categories from the British magazine International Finance.

Petkim was awarded the International Finance Awards in the "Best Working Capital Management" category. In turn, SOCAR Turkey Natural Gas Business Unit's Finance Director Betul Sarikaya received an award in the category "Best Female Director of Finance".

"Petkim, the first and only integrated petrochemical plant in Turkey, has the advantage of ensuring high quality and continuity of petrochemical raw material needs by integrating with STAR refinery in this process. By doing so, Petkim has saved significantly on logistics costs. In addition to implemented efficiency and digitalization projects, Petkim has achieved very successful financial results through proper management of currency and interest risks and financial instruments, optimization of operating expenses and efficient working capital management," CFO of Petkim Elchin Ibadov said.

He emphasized that Petkim's 2020 operating profit increased by 21 percent year-on-year to 1.9 billion Turkish Liras ($227.9M).

SOCAR Turkey Enerji A.S. (SOCAR Turkey) initiated its business operations in Turkey upon acquisition of 51 percent of the shares of Petkim from the Privatization Administration in 2008.

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