Turkey - Petrochemicals - PETKM: Ethylene-Naptha Prices
• Ethylene-Naphtha spread contracted by 1% WoW to USD721.5/ton on June 4th, mainly due to 2% WoW increase in Naphta prices.• So far in 2Q21, the spread averaged at USD687.4/ton, compared to USD622/ton in 1Q21 and USD255/ton in 2Q20.
• Since the ethylene-naphtha spread is the key determinant for PETKM’s operational profitability, we consider the existing level of the spread as well as 2Q average will be positive for PETKM’s operational profitability in 2Q21E.
Petkim Petrokimya Holdings is engaged in the production of petrochemical products. The product portfolio of Co. comprises goods such as thermoplastics, fibers, and raw material for paints, products which constitute primary inputs for a number of industries. These products are also used for the plastic, chemical, packaging, piping, paint, construction, agriculture, automotive, electricity, electronics, and textiles industries, as well as the pharmaceutical, detergent, and cosmetics sectors. Co. sells its products in the domestic market and in international markets.
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