Investor Presentation Aug-21
Tüpraş and Med Refining Margins
Average Margins
ITüpraş Net Margin
8.1
9.3
Med Margin
6.0
3.6
5.3
4.6
3.7
1.7
1.3
Average Margins
ITüpraş Net Margin
Med Margin
1.8
1.2
2.1
1.5
0.9
0.7
-0.2
-1.9
-0.6
-0.1
-0.2
2016
2017
2018
2019
2020
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
($/bbl)
Gross Inventory
Margin Effect
Clean Clean
Gross NET
Margin Margin
Net
Margin
Med
Margin
•
Q1 2020 7.1
-2.7
9.8
3.9
1.2
1.8
.
2020
6.4
0.0
6.4
1.2
1.3
-0.2
•
•
Q1 2021
7.7
2.5
5.2
-1.0
1.5
-0.2
Lower cost basis and more efficient energy usage
•
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
Close proximity to major suppliers reduces transport costs
Ability to produce a broad range of refined products with higher
value added
Aug-21
Investor Presentation
Financials
•
Direct pipeline connections with domestic clients
www.tupras.com.tr
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