Investor Presentation
Refining Margin
Tüpraş' Net Refining Margin in 2019 was 2.0 $/bbl higher than Med Complex margin (1.7 $/bbl).
■Tüpraş Net Margin
$/bbl
Premium to the benchmark Mediterranean
peers' refining margin due to:
Ability to use heavier and sour crudes with higher
complexity
3.2
• Access to a wide range of cheaper sources of crude
oil
2.5
1.9
1.7
Close proximity to major suppliers reduces
transport costs
Lower cost basis and more efficient energy usage
Ability to produce a broad range of refined products
with higher value added
• Direct pipeline connections with domestic clients
February 20
Financials
Investor Presentation
6.5
6.0
4.8
Mediterranean
9.3
8.1
5.3
4.6
4.0
3.7
2013
2014
2015
2016
2017
2018
2019
Med Complex
Month
Annual
1.7
$/bbl
5.5
5.4
4.8
4.6
4.0
2.9
2.0
1.7
2.0
1.7
1.2
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
www.tupras.com.tr
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