PETKM 4Q23 Teleconference Notes

We participated in PETKM's teleconference to evaluate the company's financial results for 4Q23, current operations and its future outlook. Petkim, the sole integrated petrochemical facility in Turkey, boasts a portfolio of over 50 petrochemical products. The chemicals produced by Petkim constitute significant inputs for sectors such as construction, agriculture, automotive, electricity, electronics, packaging, and textiles. Petkim has an annual gross production capacity of 3.6 million tons. The main highlights of the meeting were as follows: i) effective cost management, ii) the impact of collaboration with the STAR Refinery, iii) relative recovery in product profitability price spreads.