January 20 Investor Presentation
Margin Environment
Tüpraş' 3.7 $/bbl Net Refining Margin in 9M 2019 was higher than 2.9 $/bbl Med Complex margin.
Med Complex
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
•
Ability to use heavier and sour crudes
• Close proximity to major suppliers reduces
transport costs
• Lower cost basis and more efficient energy usage
•
Ability to produce higher value added range
of refined products
⚫ Direct pipeline connections with domestic clients
• High export capability
January 20
Financials
Investor Presentation
$/bbl
5.5
2.9
2.0
1.2
Month
Annual
4.2
1.7
2.0
5.4
4.8
4.6
4.0
2.9
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
■Tüpraş Net Margin
$/bbl
3.2
2.5
1.9
1.7
6.5
6.0
4.8
Mediterranean
9.3
8.1
5.3
4.6
4.0
3.7
2.9
2013
2014
2015
2016 6
2017
2018
9M 2019
www.tupras.com.tr
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