Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR received the Best Business Investment Management award from International Finance magazine, Trend reports referring to SOCAR.
SOCAR Turkey has received two international financial awards.
"Petkim received the Best Business Investment Management award as part of the International Finance Magazine Award while chief financial officer (CFO) of SOCAR Turkey's Natural Gas Branch received the Best Female CFO award," the message said.
Elchin Ibadov, Head of Finance of SOCAR Turkey Refinery and Petrochemicals Business Unit and Chief Financial Officer of Petkim, stressed that he is proud to receive two awards from International Finance magazine.
“During the COVID-19 pandemic worldwide, Petkim - Turkey's first and only integrated petrochemical complex was able to meet the demand for high quality petrochemical feedstocks without interruption,” Ibadov said.
“Besides the projects we have implemented to improve productivity and digitalization, Petkim has achieved very successful financial results thanks to the correct management of financial instruments, taking into account the exchange rate and interest rate risks, optimization of operating costs and effective management of working capital,” Ibadov said.
“We are very proud that Petkim, which increased its operating profit by 21 percent year-on-year to 1.9 billion Turkish lira ($230.9 million) in 2020, received the Best Working Capital Management award," Ibadov said.
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