Investor Presentation
Tüpraş and Med Refining Margins
Tüpraş Net Margin
Med Margin
28.2
($/bbl)
Gross Inventory
Margin Effect
Clean Clean
Gross NET
Margin Margin
Net
Med Processed
Margin Margin* bbl (mn)
H1 2023
19.0
1.2
17.9
8.4
9.6
28.3
83.2
16.5
12M 2022
23.9
0.7
23.2
15.8
16.5
28.2
198.8
H1 2022
19.3
2.2
17.1
10.9
13.0
27.1
100.2
5.7
3.7
1.7
1.3
1.6
12M 2021 10.5
2.1
8.4
3.6
5.7
1.6
190.2
2019
-0.2
2020
2021
2022
Premium to the benchmark Mediterranean peers' refining margin due to:
•
Ability to produce a broad range of refined products with higher value
added
•
Ability to use heavier and sour crudes with higher complexity
•
Access to a wide range of cheaper sources of crude oil
•
Close proximity to major suppliers reduces transport costs
•
Direct pipeline connections with domestic clients
Lower cost basis and more efficient energy usage
* Weight of Ural crude oil is 100% for crude oil supplies in the theoretical calculation of Med Margin.
Oct-23
Investor Presentation
Financials
www.tupras.com.tr
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