January 20 Investor Presentation
2019 Expectations
Med Complex Refining Margin 2.75-3.25 $/bbl
• Ural-Brent differential was mostly positive in 1H and remains narrow in 2H
• HSFO cracks dropping sharply in 2H with IMO 2020
Production ~28 mt, Sales ~30 mt and capacity utilization (95 - 100 %)
• Major maintenances completed
Tüpraş Net Refining Margin 4.00-4.50 $/bbl
• Mid distillate cracks are supported by IMO 2020 in 2H, but concerns on demand limits full potential
• Gasoline cracks remain resilient
• Heavy Crude Differentials remain narrow in 2H
Refining Capex ~150 million $
• Some projects have been postponed in order to assess the full impact of IMO 2020 on feasibility and basic
engineering studies.
• Some TL based capex is reduced in USD terms
January 20
Investor Presentation
Appendix
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