Tüpraş Investor Presentation August 2019
Margin Environment ($/bbl)
Tüpraş' 3.5 $/bbl Net Refining Margin in H1 2019 was higher than 2.7 $/bbl Med Complex margin.
Premium to the benchmark Mediterranean
peers' refining margin due to:
• Refined products deficit characteristic to
the Turkish market
.
Access to cheaper sources of crude oil
Med Complex
4.2
4.8
5.4
4.0
4.6
1.7
2.0
2.7
12
10
Month
Annual
8
5.5
6
4
2.9
2.0
2
1.2
0
W
-2
Jan-08 Jan-09 Jan-10 Jan-11
Jan-12 Jan-13 Jan-14 Jan-15
Jan-16
Jan-17 Jan-18 Jan-19
.
Ability to use heavier and sour crudes
.
Proximity to major suppliers
.
• Reduces transport costs
Implemented cost reduction measures
●
Energy efficiency programs.
.
Capacity to produce higher value added range
of refined products
• Direct pipeline connections with domestic clients
●
High export capability
Investor Presentation
KEY FINANCIALS
www.tupras.com.tr
16
Tüpraş Gross Margin
Tüpraş Net Margin
Mediterranean
14
14.7
12
12.9
11.9
11.2
10
10.6
9.6
8
11.0
9.3
8.1
6
4
20
3.2
2.5
6.5
6.0
5.3
4.8
4.6
4.0
3.5
2.7
1.7
2.0
2013
2014
2015
2016
2017
2018
H1 2019
26View entire presentation