Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices
• Ethylene-Naphtha spread increased by 8.3% WoW to USD393.2/ton on July 15th, due to the decrease in the naphtha prices (-10.1%). Recall that there was a 38% decrease in the previous 3-week period.• As of 2Q22, the spread averaged at USD526.4/ton vs USD501.2/ton in 1Q22 and USD630.0/ton in 2Q21. Considering the weakness in the April-May period, we expect that the profitability may wane q/q in 2Q21. However, we anticipate that the margin deterioration may remain moderate, since the spread is not a direct indicator of the final product.
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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