Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices
• Ethylene-Naphtha spread decreased by 11.1% WoW to USD389.0/ton on February 18th, due to the decrease in ethylene prices (-1.3%) and the increase in the naphtha prices (3.8%).• So far in 1Q22, the spread averaged at USD559.0/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. While we expect strong operational figures in 4Q21 thanks to the demand conditions and geographic advantages, 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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