Baku 2° C
Petkim increases profitability by 21%
Energy
- 03 March, 2021
- 08:26
Petkim, a subsidiary of SOCAR Turkey, Turkey's largest industrial holding company, increased its revenues by 21% in 2020 to TRY 1.9 billion, despite the difficulties it faced during the global pandemic and a 20% drop in the price of its portfolio in dollar terms, the State Oil Company of Azerbaijan (SOCAR) told Report.
The productivity, digitalization, proper management of financial resources with exchange rate and interest rate risks, optimization of operating costs, effective management of working capital, and integration of production with STAR Oil Refinery had a significant impact on this success.
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