Turkish petrochemical producer Petkim will not change its 2008 targets despite lower oil prices and weaker demand, the company’s chief executive told Reuters in an interview yesterday. Lower petrochemical demand will be compensated for by a weakening lira, which will help boost exports, said Petkim CEO Kenan Yavuz. The lira has lost a third of its value against the dollar since the beginning of the year. The company forecasts $2.5 billion in revenues for 2008, but Yavuz declined to comment on its 2009 outlook. “Revenue is totally related to the exchange rate. For us and for our customers, this is a positive development. There is no issue of changing targets,” Yavuz told Reuters in an interview. “There has been an extraordinary fall in petrochemical prices because there is fall in petrol prices and demand, but the rise in the exchange rate will compensate for that fall in demand,” he said. (Reuters)
(from www.ekathimerini.com 25/10/2008)