Investor Presentaiton
Tüpraş and Med Refining Margins
8.1
Tüpraş Net Margin
Med Margin
9.3
($/bbl)
Gross Inventory
Margin Effect
Clean Clean
Gross NET
Margin Margin
Net Med
Margin Margin
5.7
Q1 2022*
11.8
4.7
7.1
0.5
5.2
9.5
5.3
4.6
3.7
2021
10.5
2.1
8.4
3.6
5.7
1.6
1.7
1.6
1.3
Q1 2021
7.7
2.5
5.2
-1.0
1.5
-0.2
2022G
8-9
-0.2
2017
2018
2019
2020
2021
Premium to the benchmark Mediterranean peers' refining margin due to:
•
Ability to use heavier and sour crudes with higher complexity
•
•
Access to a wide range of cheaper sources of crude oil
Ability to produce a broad range of refined products with higher value
added
•
Close proximity to major suppliers reduces transport costs
Lower cost basis and more efficient energy usage
•
Direct pipeline connections with domestic clients
* Med Margin is higher than Tüpraş's Net Margin in Q1 2022 after the significant widening in Urals due to Russia-Ukraine war. Weight of Ural crude oil is 100% for crude oil supplies in the theoretical calculation of Med Margin.
Aug-22
Investor Presentation
Financials
www.tupras.com.tr
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