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​ Established in 1983, Tüpraş has four refineries in Kocaeli, İzmir, Kırıkkale and Batman with a total crude oil processing capacity of 28.1 million tons per year. Tüpraş is the largest industrial company in Turkey with the added value and revenue that it creates. As Europe’s 7th largest, Tüpraş is also one of the most complex refiners in the Mediterranean region with an average Nelson complexity index of 9.5.

Most of the country’s demand met despite planned maintenance at the 4 refineries.
Despite the planned maintenance and modernization works carried out without compromise on the principles of occupational health and safety, Tüpraş achieved 25.7 million tons of production with a 96% capacity utilization rate. The high value-added white product yield was above the previous year at 77%.

In 2018, Tüpraş met most of the country’s demand with 25.6 million tons of domestic sales, in line with the previous year’s level, and reached total sales of 29.8 million tons including exports. Tüpraş broke a national record in terms of jet fuel and diesel sales volume.

In 2018, a year marked by economic volatility, Tüpraş successfully managed its operations within the framework of its prudent risk policies and maintained its strong balance sheet.

Tüpraş is focused on being a key energy actor of the future.
Aiming to pioneer the new industrial revolution, Tüpraş takes its leading experience in the refining sector, with its fast, flexible, innovative and customeroriented approach, and carries it to other sectors where it has a presence such as trade and logistics. Aware of the great transformation in the energy sector, Tüpraş is focused on taking its place as one the key energy actors of the future and differentiating itself in its sector by applying the most advanced technologies.

In 2018, Tüpraş decided to establish a Trading Office in London in order to further strengthen its operational effectiveness through international integration. It has taken concrete strategic steps that will bring additional added value from the supply and sales chain by incorporating leading players from the sector. In the field of renewable energy, it aims to reduce energy costs and its carbon footprint by meeting the energy needs of its own refineries itself.

In terms of its ongoing digital transformation journey, Tüpraş started numerous projects ranging from transformation of daily business life to Industry 4.0 concepts that impact refinery processes. A Data Analytics Center was opened in the METU and ITU Technopolis in 2018 with the aim of adding value to the high amount of data that it collects from its production and commercial activities by means of machine learning and artificial intelligence algorithms. At the same time, the Company continued its compliance and investment feasibility studies to meet International Marine Organization (IMO) changes that will enter force in 2020.

Forward-looking expectations
In 2019, the Mediterranean refining margin, which is the most important indicator of refining performance, is expected to be at USD 3.75-4.25 per barrel and the Tüpraş net refinery margin to be at USD 6.0-7.0 per barrel. Tüpraş projects approximately 28 million tons of production and a total sales volume of approximately 30 million tons. At the beginning of the year, a 90-day periodic maintenance stoppage of the İzmit Refinery Hydrocracker Unit has been planned, a requirement once every four years.

Ditaş and Körfez Ulaştırma A.Ş.
Ditaş, in which Tüpraş holds a ​stake of approximately 80%, provides operational and cost advantages to Tüpraş with a total of 11 tankers and a carrying capacity of about 622 thousand DWT. In order to comply with IMO 2020 standards, two crude oil tankers and two new product tankers will be equipped with hybrid scrubbers. One of the product tankers, T. Adalyn, is planned to be commissioned in May 2019, with the other, T. Elinor, to be commissioned in October 2019.

As the first private railway operator in Turkey, Körfez Ulaştırma A.Ş., increased Tüpraş’s railway transportation by 30% in 2018 and provided Tüpraş with flexibility in transportation between refineries. 5 diesel locomotives, which were ordered in 2018, will be delivered in 2019. The total number of locomotives, including the existing five leased locomotives, will therefore increase to 10.


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