Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices
• Ethylene-Naphtha spread decreased by 40.2% WoW to USD213.5/ton on March 4th, due to the increase in naphtha prices (25.2%) despite the increase in the ethylene prices (6.0%).• So far in 1Q22, the spread averaged at USD498.1/ton vs USD622.5/ton in 1Q21. Note that the spread is a partial indicator for PETKM’s profitability, since final product margins may differ from the spread’s outlook. Considering the increase in the geopolitical risks, the upward trend in naphtha prices can be seen as a medium-term risk for the profitability.
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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