Investor Presentation
Margin Environment ($/bbl)
Tüpraş' 9.3 $/bbl Net Refining Margin in 2018 was higher than 4.7 $/bbl Med Complex margin.
12
Med Complex
Month
Premium to the benchmark Mediterranean
peers' refining margin due to:
• Refined products deficit characteristic to
the Turkish market
.
• Access to cheaper sources of crude oil
10
8
5.54
6
4.21
2.89
4
1.95
1.17
1.95
1.67
2
0
-2
Jan-08
Jan-09
Jan-10 Jan-11
Jan-12
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
Annual
5.30
4.83
3.97
4.56
.
Ability to use heavier and sour crudes
.
Proximity to major suppliers
.
• Reduces transport costs
Implemented cost reduction measures
●
Energy efficiency programs.
.
Capacity to produce higher value added range
of refined products
• Direct pipeline connections with domestic clients
●
High export capability
Investor Presentation
KEY FINANCIALS
www.tupras.com.tr
16
Tüpraş Gross Margin
Tüpraş Net Margin
14
12
12.9
11.9
11.2
10
10.6
9.6
8
6
4
6.5
6.0
4.8
4.0
Mediterranean
14.7
8.1
9.3
5.3
4.6
3.2
2
2.5
1.7
2.0
0
2013
2014
2015
2016
2017
2018
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