34
Petkim Petrochemical Holding Corp. Presentation to Investors April 15, 2010
Petkim Petrochemical Holding Corp.
Presentation to Investors
April 15, 2010
Key Financials
Company Overview
Investment Highlights
Growth Plan & Strategy
Economy & Petrochemical Industry
1
Economy & Petrochemical Industry
2
-1,9-3,8 -4,6 -4,5 -5,5 -6,6-6,5
-9,3 -10,6-12,4
-19,7 -20,1
2,65,5 6,5
4,7 5,3 5,0
-25
-20
-15
-10
-5
0
5
10
Consumer Chemicals
SpecialtyChemicals
PetrochemicalsChemicals Polymers BasicInorganics
2008 2009 2010
World Economy & Petrochemical Industry
-2,5-3,9
-5,3
2,7 1,7
8,7
-0,4-4,7 -4,3
-9,0
5,6
1
3,6
7,7
4,7 3,52
10
4,53,72,4
1,62,2 3,4
9,77,8
3,7
US EU Japan Russia China India Brazil Turkey C&EE
2009
2010
2011
2009 2010 2011Advanced Econ. -3,2 2,1 2,4Emerging Econ. 2,1 6,0 6,3
Source: CEFIC
SLIGHT RECOVERY IS OBSERVED BEGINNING FROM THE SECOND HALF OF 2009. MODEST GROWTH IS EXPECTED IN 2010.
DUE TO THE CRISIS GROWTH RATESDECELERATED IN ALMOST EVERY REGION OF THE WORLD. BUT RECOVERY IS EXPECTED FOR 2010
THE ICIS PETROCHEMICAL INDEX ROSE TO 295 IN 2010, A GAIN OF %88 OVER THE FEBRUARY READING OF 157
THROUGH RELATIVE RECOVERY ON THE GLOBAL DEMAND, OIL AND NAPHTHA PRICES INCREASED STEADILY.
FUTURE EARNINGS ARE EXPECTED TO STRENGHTEN WITH THE CONSOLIDATION, M&A IN INDUSTRY AND SUCCESSFUL ECONOMIC STIMULUS
PETROCHEMICALS PRODUCTION IS EXPECTED TO INCREASE BY %6 IN EUROPE IN 2010
Source: IMF, World Economic Outlook(WEO), January 2010
150
200
250
300
350
400
Mar.05 Oct-05 May.06 Dec-06 Jul-07 Feb-08 Sep-08 Apr-09 Nov-09
0
200
400
600
800
1.000
1.200
Jan-2006 Nov-2006 Sep-2007 Jul-2008 May-2009 Mar-2010 Jan-2011 Nov-2011
Pric
es ($
/MT)
-100
-50
0
50
100
150
200
Spre
ads
($/M
T)
Naphtha-Crude Oil Crude Oil (Brent) Gasoline (CIF NWE) NAFTA (CIF NWE)
ICIS Petrochemical Index (IPEX)
Source: Platts
Crude Oil – Naphtha – Gasoline Prices
%88
World Economic Growth Rate (%)Economic Growth in Selected Economies (%, yoy)
Global Basic Chemicals and EBIT ContributionDollars Per Metric Ton
European Cracker Industry Growth (%, yoy)
3
World Economy-Signs of Recovery…
Source: CMAI, IMF WEO
POSITIVE DEVELOPMENTS NEGATIVE DEVELOPMENTS
• Stabilization and restoration of growth in H2 2009 stems fromadoption of aggressive monetary easing and stimulus packages
• Improving bussiness conditions, confidence is stronger• Measures taken against rising unemployment rates• Reduced investment costs; lowest levels of interest rates• Leading indicators point upward• Consumer demand is growing again• Capacity utilization is slowly increasing• Emerging markets led by Asia (China and India), Middle East and
Latin America will display a stronger recovery• Trade will grow modestly in 2010 after inventores are rebuilt
• High unemployment particularly in advanced economies restrainsconsumer spending
• Mounting unemployment, keep a lid on growth, rising politicaltensions
• Fiscal sustainability and growth concerns with Eurozone• Soaring government deficits, debts, and rising sovereign risks are
focus of concern• Increasing energy prices• Moderate inflationary pressures may become a major problem• Exit from accomodative monetary policies• Relatively tight credit conditions, highly leveraged financial
statements• Increasing protectionist measures
4
Company Overview
5
PETKIM
6
Crude Oil
Natural Gas
PLASTICSPLASTICS
RUBBERS & TIRES
FIBERSFIBERS--TEXTILESTEXTILES
PAINTS & DYESPAINTS & DYES
FERTILIZERFERTILIZER
DETERGENTSDETERGENTS
SOLVENTSSOLVENTS
PHARMACEUTICALSPHARMACEUTICALS
COATINGSCOATINGS
ANTIFREEZEANTIFREEZE
From Upstream to Downstream
7
PPKnitting goods, burlap, rope, cable, tablecloths, napkins, doormats, felt, elastic, pipes, cable sheat, fishingnets, brushest
ACNCloth making fiber, artificial wool, orlon, (acrylo butadien) resin
ETHYLENEAROMATICS
PROPYLENE
Petrochemicals from Naphtha
BUTADIENERubberAutomobile tire
NaphthaLPG
LDPEBag, greenhouse cover, film, cable,toys, pipes, bottles,tubes, hose, rotational molding, mold making
HDPEHousehold goods, toys, pipes, bottles, packaging film, drums, panels, mold making, rotational molding,beverage boxes, gasoline tank, oil drum
MEGPolyester fiber, polyester film, antifreeze
VCM - PVC - EDCPipe, windows, window shades, cable,bottles, tubes, building materials, packaging film, floor covers, serum bags
CA-CAUSTIC SODATextile, detergent, alimunium
BENZENE, TOLUENE
Solvents, explosives, pharmaceuticals, cosmetics,basic chemical
O-X - PAAlcyd resins, plasticizing substances, synthetic chemicals, polyester
P-X - PTAPolyester fiber, polyester resin, polyester film
C4
8
Company Overview• Established in 1965/Second complex commissioned in 1985• The sole petrochemical producer in Turkey• 26% domestic market share and well positioned assets in
an ever growing market• USD 1.342 mn net sales (2009)• USD 99 mn EBITDA (2009)
• 15 main plants, 8 auxiliary units• Located in Aliağa near Izmir• Sits on a land of 19 mn sqm• Harbour, water dam, power generation unit (226 MW)• Adjacent to Tüpraş Aliağa Refinery
PETKİM
FACILITIES
MAIN FEEDSTOCKPRODUCTS
PRODUCTION
• Naphtha, LPG, C4, Condensate• Main product goups: olefins, polyolefins, vinyl
chain, aromatics and other basic chemicals
• 3.0 mn. tons of gross production realized in 2009• Realized capacity utilization rate of 91% (planned as 96%
in 2010)
9
Relative Performance
90
100
110
120
130
140
150
160
01-Dec 15-Dec 29-Dec 12-Jan 26-Jan 09-Feb 23-Feb 09-Mar 23-Mar 06-Apr
ISE 100 PETKIM
Petkim’s Ownership Structure
Share Information (9 April 2010)
Stock Price Performance
Ownership Profile
Privatization process was completed in May 2008. SOCAR&Turcas Consortium
acquired 51% stake in Petkim at an amount of USD 2.04 bn.
Closing Price (TRY/Share) 9,85Market Cap (mn TRY) 2.017Market Cap (mn $) 1.360
Free Float (%) 38,7Source: Reuters
PA10,3%
Free Float38,7%
SOCAR&Turcas Petrochemical
Company51,0%
Source: Reuters
Strong Performance
10
Petkim: The Strong & Tangible Symbol of Economical & Strategical Partnership
TURCAS is the first privately-ownedpetroleum company in Turkey focusingon distrubution of oil products andenergy investments through itsinternational strategical partnerships
SOCAR, with large-scale investments in Azerbaijan is one of the world’s oldestpetroleum companies. SOCAR is a shareholder and major supplier of the 50 million ton capacity BTC crude oilpipeline and the BTE natural gaspipeline, which transports 6,6 billioncubic meters of natural gas to Turkey
PETKİMA BRIDGE LINKING AEGEAN TO CASPIAN
11
Turkey: A Regional Energy HubBaku-Tbilisi-Ceyhan * COPL Project
Turkey-Greece NGTL’s Project
Transcaspian Turkmenistan-Turkey Europe NGTL Project
Azerbaijan-Turkey NGTL Project
Iraq-Turkey NGTL Project
Egypt-Turkey NGTL Project
Turkey-Bulgaria-Romania-Hungary-Austria NGTL Project (Nabucco Project)
Eastern Black Sea NGTL
Western Black Sea Project
Natural Gas Underground Storage Project
Source: Investment Support and Promotion Agency
Turkey has the capacity to transport 121 million tons of oil to the worldmarkets per annum once the ongoing projects are completed
The annual transity capacity to increase 221 million tons of oil and 43 billionm3 of natural gas
COPL: Crude Oil Pipe LineNGTL: Natural Gas Transfer Line
PETKİM
12
Products and Capacity
PETKIMALIAGA COMPLEX
START-UP 1985
TOTALCapacity 1,916,000 ton/yr
Other Products1
Capacity 954,000 ton/yr
Fiber Raw MaterialsCapacity 249,000 ton/yr
ThermoplasticsCapacity 713,000 ton/yr
1 Ethylene (520,000), VCM (152,000), PA (34,000), Chlorine (100,000), Benzene (134,000), MB (10,000), Plastic Products (4,000)
ETHYLENE 520 PROPYLENE 240C4 140 PY-GAS 390AROMATICS 346
BENZENE 160P-X 136O-X 50
CHLORINE 100VCM 152PVC 150LDPE 323 HDPE 96PP 144 MEG 89ACN 90PTA 70PA 34Power (MW) 226
Product Capacities(thousand tons)
PLANT CAPACITIES
13
PVC10% PY-GAS
3%
LDPE22%
C54%
HDPE6%
PP9%MEG
2%
PA2%
ACN7%
PTA4%
Others9%
P-X6%
Caustic6%
Benzene10%
Petkim: Production & Sales
Marketable Production (thousand tons)
Breakdown of Marketable Production 2009
1.383 1.423
307 386 376
1.409
0
200
400
600
800
1000
1200
1400
1600
2007 2008 2009 Q4 08 Q3 09 Q4 09
Net Sales ( Million USD)
Breakdown of Sales Revenues 2009
1.671 1.7951342
278404377
0200400600800
1.0001.2001.4001.6001.8002.000
2007 2008 2009 Q4 08 Q3 09 Q4 09
PVC10% PY-GAS
2%
LDPE27%
C53%
HDPE8%PP
11%
MEG2%
PA2%
PTA4%
P - X6%
ACN8%
Others7%
Caustic2%
Benzene8%
14
USA12%
Others1%
Mid-East, Africa20%
Asia-Far East22%
EU Countries
45%
Petkim: Exports
Breakdown of Exports Revenues by Product Type 2009
Breakdown of Exports by Region 2009
Exports Revenues by Years (Million USD)
182
410358
523
347
80 99 119
217
0
100
200
300
400
500
600
2004 2005 2006 2007 2008 2009 Q4 08 Q3 09 Q4 09
Benzen29%
PP3%
PVC4%
PTA6%
P-X10%
C416%
Py-Gas7%
Others8%
HDPE2%
LDPE14%
ACN1%
• Petkim products are exported to nearly 60 different countries
• Benzene, C4, LDPE, Py-Gas and P-X are the mainexports products.
•The second exporter in chemical industry in Turkey in 2009.
15
Petkim: Product Prices & Cost Breakdown
Labour6,3%
Energy11,4%
Others8,6%
Raw Materials
73,7%
Petkim Thermoplastics and Naphtha Price Changes
Thermoplastics Consumption of Turkey as of yearsRaw Material and Product Prices*
128
-33
35
10
-2
99
-40
-20
0
20
40
60
80
100
120
140
2007 2008 2009 Q4 08 Q3 09 Q4 09
Cost Breakdown*
0
250
500
750
1.000
1.250
1.500
LDPE HDPE PP MEG PVC
Naphtha Cost Product Prices
Petkim EBITDA Performance (Million USD)
* As of December 2009
Thousand Tons
0
1000
2000
3000
4000
5000
6000
7000
8000
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
LDPE HDPE PP PVC
Yearly Average
50
100
150
200
Jan07 June07 Nov07 Apr08 Sep08 Feb09 July09Thermoplastics Naphtha
Index (2007Jan=100)
ForecastActualUSD
Source: Turkish Statistical Institute and Petkim
16
Petkim: A Remarkable Turnaround Driven by Operational Efficiencies
Per Capita Marketable Production and Efficiency
Production per capita has increased from 457 tons in 2008 to 584 tons in 2009
Feedstock cost improvement(flexibility of switching from Naphtha to LPG)
Ongoing smart debottlenecking to increaseproduction capacity
Flexibility in energy production
Improvement in productivity andefficiency with high capacity utilization andrejuvenation of labor forceOperational improvement program withShell Global Solutions
Noteworthy working capital managementwith shortened cash conversion cycle
Person
0
100
200
300
400
500
600
2001 2002 2003 2004 2005 2006 2007 2008 20090
1000
2000
3000
4000
5000
6000
7000Net Sales Per Capita (thousand $) (Left Axis)
Marketable Production Per Capita (ton) (Left Axis)
# of Employees (Right Axis)
17
Investment Highlights
18
Investment HighlightsPETKIM
Dominant producer26% market share
1998-2009 CAGRThermoplastics demand 6,5%GDP growth 3,0%
Growth Potential in the Domestic Market
• One of the fastest growing markets
• An attractive market the second biggest importer of petrochemicals after China
• More than 6000 small and medium sized industries areactive mainly in packaging, construction and automotivefields
• Petrochemical market size 6-7 billion USD
-15
-10
-5
0
5
10
15
20
25
30
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Thermoplastics Domestic Growth (%) GDP Growth (%)
0
500
1000
1500
2000
2500
3000
3500
4000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2015E
Thermoplastics
Fiber Raw
U.S.A 90 75 76W.Europe 78 69 70Turkey 45 43 45Republic of China 30 28 30World 25 24 24Brazil 23 25 27India 6 5 6
Petrochemicals Domestic Demand (thousand ton)
Kg/capita 2007 2008 2009
Plastics Consumption per Capita
19
Growth Plan & Strategy
20
DOWNSTREAM
• ADVANTAGES OF WIDE PRODUCT RANGE
• HIGH VALUE ADDED SPECIALITY CHEMICALS
• STRATEGICAL PARTNERSHIPS WITH CUSTOMERS OR OTHER INVESTORS (CLUSTER MODEL)
ENERGY PRODUCTION
LOGISTICS & TRADING
UPSTREAM
REFINERY BY SOCAR&TURCAS
Growth Plan and Strategy
4 PILLARS OF GROWTH PLAN
21
Feedstock Flexibility Logistics• Increasing LPG utilization in feed slate of cracker
• Utilization of Fluid CatalyticCracking (FCC) and C4 stream
• Setting up an advanced “steamcracker” model for the utilization of different feedstocks and the factoryoptimization
• Energy saving program
• Opportunity for importing NG from Azerbaijan
• Power generation from wind
• Fuel flexibility in power generation
• New distribution centers
• Increased transportation by rail
• Increased sales delivered to customers
• Garanti Invesment mandated forpotential strategical partnerships in portbusiness
• Capability for storage facilities leasing
Short Term Growth Plans
TradingSales&Marketing
Business Transformation
Capacity Increase
• Meeting total needs of customers
• Product trading that will be conducted from Aliaga and also from new logistic centers
• New financial instruments to promotesales
Capacity increase by:
• Ethylene and thermoplastics revamping
• Debottlenecking and modernization
• Maximizing asset utllitization
• Reviewing the current performance
• Assessing potential improvementareas in organization, maintenance, energy, HSE and operations
• Improving IT infrastructure with ERP and integrated Manufacturing ExecutionSystem (MES)
Energy
22
GROWING WITH “UPSTREAM” INVESTMENTSREFINERY FOR FEEDSTOCK SUPPLY
Mid to Long Term Growth Plans
TO REACH 40% MARKET SHARE WITH“DOWNSTREAM” INVESTMENTS –VALUE SITE
To be constructed by SOCAR&Turcas• Allocation of 130 ha area for the refinery investment• 10 million tons /year crude oil capacity• Product slate: naphtha, LPG, diesel, kerosene, jet fuel (no gasoline)• 30% investment cost reduction due to existing infrastructure• Creation of synergy with the vertical integration• Feedstock security for Petkim• Additional revenue from services to the refinery
• Available infrastructure for potential investments• Double digit demand growth in the Turkish chemical sector• Increasing competitive advantage with sinergies created• New investment opportunities with local and foreign companies• Cluster Model
23
LOGISTICSTo become one of the key logistics main terminals in the regionHigh capacity potential of container handlingHigh capacity potential of liquid and dry cargo handling High capacity of logistics support unitsDirect access to national railway hubs and national transit ways and highwaysTank Farm
ADVANTAGESIncreasing harbour capacity and utilization rateStorage of various solid, liquid, and gas chemicalsPaving the way for potential investments on transportationImport and export opportunities for chemicals
Growth Plan and Strategy
GROWING WITH LOGISTICS INVESTMENTS
Petkim mandated Garanti Investment to evaluate JV opportunities and increase port revenues
24
Key Financials
25
PETKİM’s Robust Performance
-2
997,50%
-0,2%-20
0
20
40
60
80
100
120
2008 2009 -1,0%
1,0%
3,0%
5,0%
7,0%
9,0%
EBITDA (USD mn) EBITDA Margin
Ongoing restructuring and operational improvements coupled with recovery in demand resulted in Petkim’s robust performance during 2009.
• EBITDA margins climbed to %7,5 from -%0,2 y-o-y with effortson reducing labor and energy costs, better feedstock and inventorycontrol and plant utilization
• Gross margins elevated to an impressive 5,5% from -1,5% y-o-y, despite the decline in revenues stemming from lower product prices
1.795
1.3421.391 1.442
5,5%
-1,5%0
500
1.000
1.500
2.000
2008 2009-2%
0%
2%
4%
6%
8%
Sales (USD mn) Sales Volume (Tone) Gross Margin
26
2007 2008 2009 4Q 08 3Q 09 4Q 09
Net Sales 1.671 1.795 1.342 278 377 404
Cost of Goods Sold (-) (1.514) (1.822) 1.269 (303) (358) (396)
Gross Profit (Loss) 157 (27) 73 (25) 19 8
Gross Profit (Loss) Margin 9,4% (1,5%) 5,4% -9,0% 5,1% 2,0%
Operating Expenses (-) (74) (72) (44) (22) (9) (16)
Other Operating Income/(Expenses),net
(20) (3) (3) (4) 1 (4)
Operating Profit/(Loss) 63 (102) 26 (51) 11 (12)
Financial Income/(Expenses), Net (11) (20) 16 (17) 5 9
Profit/(Loss) Before Taxation 52 (122) 41 (68) 16 (3)
Deferred Tax (1) 5 34 4 1 36
Net Profit/(Loss) for the Period 51 (117) 75 (64) 16 33
EBITDA 128 (4) 99 (33) 35 10
EBITDA Margin 7,7% (0,2%) 7,4% -11,8% 9,2% 2,5%
Income Statement (Million USD) (IFRS )
Financials
27
76 68
1943 52
105 116
52
19 9
4425
5839
1922
0
50
100
150
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09
Cash Bank Debt
Balance Sheet (Million USD) (IFRS)
Financials
Receivables, Inventories and Payables (Million USD)
31/12/2007 31/12/2008
237
65
205
539
24
1.661
82
15
19
115
149
163
113
1.295
1. 661
252
11
293
1.123
19
89
58
166
60
897
1.123
Cash&Cash Equivalents
Trade Receivables
Inventories
Other Current Assets
Current Assets
Non-Current Assets
TOTAL ASSETS
Financial Liabilities
Other Payables
Trade Payables
Short-Term Liabilities
Long-Term Liabilities
Shareholders’ Equity
TOTAL LIABILITIES
1.121 830
-300-200-100
0100200300400
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Trade Receivables Inventories Trade Payables
31/12/2009
208
224
19
567
1.403
58
265
52
376
51
976
836
1. 403
116
Cash&Bank Debt (Million USD)
28
FOREIGN
CURRENCY
LONG TERM LONG TERM NATIONAL
May, 2009 BB- (negative) BB- (negative) AA- (tur) (negative)
September, 2008 BB- (stable) BB- (stable) AA- (tur) (stable)
January, 2008 BB (stable) BB (stable) AA (tur) (stable)
June, 2007 BB (stable) BB (stable) AA (tur) (stable)
April, 2007 BB (stable) BB (stable) AA- (tur) (stable)
February, 2006 BB- (stable) BB (stable) AA- (tur) (stable)
February, 2005 BB- (stable) BB (stable) A+ (tur) (stable)
DATE
LOCAL CURRENCY
Fitch Credit Ratings
While many petrochemical companies’ credit ratings were downgradedall around the world, Fitchratings affirmed Petkim’s rating with BB-
and changed its outlook to negative due to Fitch’s anticipationof economic slump weighing on global petrochemical sector.
29
Corporate Governance Rating
• Successfully received an overall Corporate Governance rating of 7,71
• A high rating, a clear sign of compliance to CMB Corporate Governance Principles
• An indication of imposing necessary policies and precautions and confirmation of themanagement activities are carried out at a high level of quality
• Listed on the Istanbul Stock Exchange's prestigious Good Corporate Governance Index
• Committed to improve its performance on Corporate Governance Principles compliance
Sub Categories Weight GradeShareholders 25 % 7,21Public Disclosure and Transparency 35% 8,81Stakeholders 15% 8,83Board of Directors 25% 6,01
OVERALL 7,71
30
We welcome your questions, comments and suggestions. Our corporate headquarters office address is:
Petkim Petrochemical Holding Corp. PO. Box.12Aliağa, 35801 İzmir/ TURKEY
To contact us with respect to shareholding relations for individual and corporate investors, please call directly or send an e-mail to
Ms. Füsun UGANFinance ManagerTel :+90 232 616 1240 (Ext:4575)Direct :+90 232 616 6127E-mail :[email protected]
Mr. Şafak AYIŞIĞIAssistant General Manager (Finance)Tel :+90 232 616 1240 (Ext: 2150)Fax :+90 232 616 2297E-mail :[email protected]
Mr. Hayati ÖZTÜRKGeneral ManagerTel :+90 232 616 1240 (Ext:2040)Direct :+90 232 616 2297Fax :+90 232 616 8519E-mail :[email protected]
Also, please visit our web site at www.petkim.com.tr for further information and queries.
Investor Relations
31
DisclaimerDisclaimer
This presentation is confidential and does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of Petkim Petrokimya Holdings A.Ş. (the “Company”) or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group nor shall it or any part of it form the basis of or be relied on in connection with any contract, investment decision or commitment whatsoever. This presentation has been made to you solely for your information and background and is subject to amendment. This presentation (or any part of it) may not be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (excluding the relevant person’s professional advisers) or published in whole or in part for any purpose without the prior written consent of the Company.
This presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm analyst expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation.
This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
The contents of this presentation have not been verified by any authority. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information contained herein and no reliance should be placed on it. None of the Company, their advisers, connected persons or any other person accepts any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents.
33
PETKİM PETROKİMYA HOLDİNG A.Ş.GENERAL MANAGEMENTALİAĞA – İZMİR / TURKEY
Phone: +90-232-6161240 (20 lines)+90-232-6163240 (20 lines)
Fax: +90-232-6161248 +90-232-6161439 +90-232-6162490
Web site : www.petkim.com.tr , E-mail: [email protected]
PETKİM GUZELHISAR WATER DAM PETKİM PORT
33
