Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices
·Ethylene-Naphtha spread increased by 9.5% WoW to USD514.5/ton on May 20th, thanks to the decrease in the naphtha prices (4.0%).·The spread has retreated by a total of USD145.5 in the previous 4 weeks. Note that Petkim produces ethylene from naphtha and its final products from ethylene, and that the decrease in the spread is not a direct indicator for the final product margins. Despite the fluctuation in the spread, we estimate that there is no significant deterioration in product margins. However, the possibility of an increase in naphtha in parallel with Brent prices in the upcoming period poses a risk for the medium term.
Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.
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