Growth rate of the petrochemicals sector is double the
GDP growth rate in Turkey. The petrochemicals market,
however, has not reached saturation despite this superb
growth. Per capita plastic consumption is 45 kg in Turkey,
still below the average of 70-90 kg for USA, Canada and
Western Europe.
The ever increasing demand for petrochemical products
and Turkey's proximity to developing markets in the region,
coupled with PETKİM's production facility and its
infrastructure at global standards, Turkish petrochemicals
market has a big potential for growth. PETKİM has devised
apt strategies and investment plans to exploit this potential,
while creating tax revenues and jobs for the country. Since
the commencement of the Aliaga Facility in 1985, Petkim
continues to invest in capacity expansion, debottlenecking,
renovation and modernization, thereby increasing capacity
by 20% with USD 500 million of investments between
2003 and 2009.
On May 30, 2008, 51% of Petkim's share capital was
acquired by SOCAR & Turcas Petrokimya A.Ş for USD
2,040,000,000. One of nation's most prominent companies,
Petkim is the unique and indispensable producer of more
than 50 petrochemical products.
Reaching 3 million tons/year gross production, Petkim
proudly continues to add value to Turkish economy with
its environment-friendly technology, and contributes to
the nation's cultural, social and economic life.
Market and Operational Risks
Petrochemicals sector has been affected more adversely
by the 2009 economic crisis due to the reason that the
sector has already been in a contraction trend when the
crisis hit.
The price of petroleum, as one of the main indicators of
the sector, experienced a sharp turn-around by declining
to USD 34 per barrel in February 2009 after hitting a record
high of USD 150. Some new measures have been taken
due to heavy inventory losses and declining margins in
the sector. Hence, while some plants that can not compete
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| Company Profile |
Paid-in Capital
204.750.000 TL
Total Assets
1.698.292.910 TL
Shareholders' Equity
1.356.592.637 TL
Net Sales
2.320.432.985 TL
Number of Employees
2.612
Ownership Profile
%51 SOCAR &Turcas Petrokimya A.Ş
%38,7 Public (ISE)
%10,3 Privatization Administration (PA)
Board of Directors
Vagif Aliyev - Chairman
Erdal Aksoy - Vice Chairman
S. Batu Aksoy - Member
Kenan Yavuz - Member
David Mammadov - Member
Farrukh Gassimov - Member
Osman İlter - Member
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in North America and Europe were closed down, some of
the big companies filed for bankruptcy. Capacity utilization
rates came down to 60% and ongoing investment plans
have been shelved indefinitely. Especially in developed
countries protection of local producers were prioritized
over free trade, while mergers & acquisitions in the sector
accelerated. Demand shifted to Asia since the negative
effect of the economic crisis was less in those countries.
The expectations began to turn positive in the second half
of 2009. Oil prices began to climb and reached USD 80
per barrel by the end of the year. Despite the 75% increase
on raw material and energy costs, product prices could
not be raised due to lack of demand in the sector. The
low demand, high costs, the Dubai problem and a declining
EUR/USD parity in the last quarter of 2009 have postponed
hopes of recovery to 2010.
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