Investor Presentation November 2020
Refining Margin
Premium to the benchmark Mediterranean
peers' refining margin due to:
$/bbl
Tüpraş Net Margin
•
Ability to use heavier and sour crudes with higher
complexity
3.2
2.5
1.9
1.7
• Access to a wide range of cheaper sources of crude
oil
• 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
Nov-20
Financials
Investor Presentation
6.5
6.0
4.8
Mediterranean
9.3
8.1
5.3
4.6
4.0
3.7
1.7 1.5
-0.2
2013
2014
2015
2016
2017
2018
2019
2020-9M
Med Complex
Month
Annual
$/bbl
5.5
4.8
5.4
4.0
4.6
2.9
2.0
1.2
1.7
2.0
1.7
-0.2
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
www.tupras.com.tr
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