Investor Presentaiton
Tüpraş and Med Refining Margins
Average Margins
ITüpraş Net Margin
8.1
9.3
Average Margins
Med Margin
ITüpraş Net Margin
Med Margin
6.0
3.6
5.3
4.6
3.7
1.7
1.3
4.6
2.1
0.9
0.7
0.3
-0.2
-0.6
-1.9
-0.1
2016
2017
2018
2019
2020
Q2 2020
Q3 2020
Q4 2020
Q2 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
Q2 2020 6.3
-1.3
7.5
2.2
0.9
-0.6
.
Access to a wide range of cheaper sources of crude oil
H1 2020
6.7
-2.1
8.8
3.1
1.1
0.6
•
•
2020
6.4
0.0
6.4
1.2
1.3
-0.2
Lower cost basis and more efficient energy usage
Q2 2021
8.8
1.8
7.0
2.8
4.6
0.3
Close proximity to major suppliers reduces transport costs
Ability to produce a broad range of refined products with higher
value added
•
H1 2021 8.3
2.1
6.2
1.2
3.3
0.0
Direct pipeline connections with domestic clients
Sep-21
Financials
Investor Presentation
www.tupras.com.tr
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