Investor Presentaiton
Tüpraş and Med Refining Margins
Average Margins
Tüpraş Net Margin
8.1
9.3
6.0
3.6
Average Margins
Med Margin
I Tüpraş Net Margin
Med Margin
5.3
4.6
3.7
1.7
1.3
-0.2
2016
2017
2018
2019
2020
5.9
4.6
2.8
1.21.8
2.1
1.5
0.9
0.7
0.3
-0.6
-0.1
-0.2
-1.9
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
($/bbl)
Gross Inventory
Margin Effect
Clean Clean
Gross NET
Margin Margin
Net
Margin
Med
Margin
•
Premium to the benchmark Mediterranean
peers' refining margin due to:
Ability to use heavier and sour crudes with higher complexity
Q3 2020
6.8
3.0
3.8
-0.8
2.1
-2.0
•
Access to a wide range of cheaper sources of crude oil
9M 2020
6.7
-0.3
7.0
1.7
1.5
-0.2
•
•
Lower cost basis and more efficient energy usage
2020
6.4
0.0
6.4
1.2
1.3
-0.2
.
Q3 2021 10.4
0.5
9.8
5.4
5.9
2.8
Close proximity to major suppliers reduces transport costs
Ability to produce a broad range of refined products with higher
value added
•
9M 2021 9.1
1.5
7.6
2.8
4.3
1.0
Direct pipeline connections with domestic clients
Feb-22
Financials
Investor Presentation
www.tupras.com.tr
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