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Tüpraş, Turkey’s sole oil refiner, operates 4 refineries in Izmit, Izmir, Kırıkkale and Batman, with a total annual crude oil processing capacity of 28.1 million tons. It is Turkey’s largest industrial company by revenue and added-value generated. As Europe’s 7th largest refining company, Tüpraş ranks among the most complex refiners in the Mediterranean region, with an average Nelson Complexity Index of 9.5.

The main focus of Tüpraş’s strategy is meeting the nation’s need for petroleum products, shaping the sector with its innovative practices and maximizing customer satisfaction. Tüpraş is keen on lowering its cost base and standing out among its peers by implementing the best technologies available in operational advancement.

Total capital expenditures of Tüpraş in the last 10 years (2006-2015) stands at USD 5.5 billion. Aware of ever rising competition within the sector, Tüpraş aspires to the highest level of operational excellence to maximize value for Turkey and the Company’s shareholders. To accomplish this, Tüpraş targets to excel among refineries in the region, in terms of technical availability, energy intensity, and operating cost efficiency indices. To this end, the largest one-off private sector industrial investment in Turkish history, the USD 3 billion Residuum Upgrade Project, was completed. As such, a large volume of imported products, especially diesel, were replaced with domestic production. This replacement is expected to narrow the national current account gap by USD 1 billion annually.

The Residuum Upgrade Project was commissioned in 2014 and test production began soon thereafter. The full capacity production started in May 2015. Coupled with the added effect of high margins, Tüpraş posted a record capacity utilization rate of 102.5% with a total charge of 28.8 million, of which 27.6 million was crude oil. Despite the high capacity utilization rate, Tüpraş increased white product yield to 75.4% through the efficient use of the Residuum Upgrade Plant and the upgrade units, realizing a total production of 27.3 million tons with maximum added value.

In 2015, as a result of full capacity utilization and efficient sales strategies, the Company sold 28.7 million tons of products, of which 22.2 million tons went to the domestic market while the remaining 6.5 million tons were exported. This represented a 6.5 million ton, or 29%, increase over the previous year. The Company broke records in domestic jet fuel and diesel sales volumes and in total gasoline, jet fuel, diesel and aggregate sales volumes.

Robust corporate governance
Today’s investors place as much importance on the corporate governance practices of companies as they do on financial performance. Tüpraş’s corporate governance rating went up from 9.31 in 2014 to 9.44 in 2015. Thus, the Company maintained its position among the top ranks of this index since its inception in 2007.

Awards and achievements
• 1st place in Istanbul Chamber of Commerce (ISO) 500 Companies,
Fortune 500 and Capital 500 listings • Turkey’s 2014 export champion
• An overall score of 9.44 in the BIST Corporate Governance rating
• Tüpraş features in the Sustainability Index from among BIST-50 companies.
• The Company placed first at the European Union Environment Awards in the Turkey Program “Process” category.
• Kırıkkale Refinery placed first, İzmit Refinery came in second, and İzmir Refinery placed third at the Industrial Energy Efficiency Project Competition SENVER-2; meanwhile, Batman Refinery received the Jury Special Award at SENVER-3.
• According to Aegean Region Chamber of Industry EBSO data, İzmir Refinery placed first in the “Industrial Sales,” “Exports” and “R&D Expenditure” categories.
• Boğaziçi Business Awards named Tüpraş the “Industrial Company of the Year.”
• Tüpraş won the “Best R&D Center” designation at the Fourth Private Sector R&D Centers Summit.
• Tüpraş placed 28th on the List of Companies with the Highest Number of Domestic Patent Applications in 2014.

Outlook, targets and strategies for 2016
Set to be shaped by the OPEC quota revisions, US crude oil production and China’s economic performance, the price for Brent is expected to fluctuate between USD 45-55 per barrel in 2016. The Mediterranean refinery margin is expected to be between USD 3.5-4.5 per barrel while the Tüpraş net refinery margin to be between USD 5.8-6.3 per barrel. Tüpraş is foreseen to reach a total production volume of 28 million tons and a total sales volume of 30 million tons with full capacity utilization including crude oil and semi-finished products.

Ditaş, a 79.98%-owned subsidiary of Tüpraş, delivers significant operational and cost advantages with its over 40 years of know-how. The Company provides crude oil and petroleum products logistics and transportation services to Tüpraş. In 2015, Ditaş carried 6.6 million tons of crude oil and 5.2 million tons of petroleum products. Tüpraş refineries accounted for 100% of the Company’s crude oil transport, and 44.4% of its petroleum products transport. Ditaş’s tanker fleet, which started operations in 1974, now includes a 164,859 dwt crude carrier; four refined products carriers with a total 79,685 dwt capacity; two 39,936 dwt asphalt carriers which joined the fleet in 2014 and 2015; and three time-chartered product carriers with 46,031 dwt capacity. In addition, Ditaş provides pilotage, tugboat and mooring services with 11 tugboats and seven mooring boats and a pilot boat.