TUPRAS refining and oil products summary Report

Company Report 13 June 2017

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Report summary

Tüpras enjoys a unique position as the only refiner in one of the last remaining growth markets in Europe. Moreover, Tüpras and its marketing affiliate Opet together control around two thirds of Turkey's total oil storage capacity. This further strengthens the company's influence on supply and wholesale market prices, given the relative lack of independent oil product import infrastructure in the country. The company's new upgrading units were commissioned during 2015, contributing to its strong financial performance in a year of record-high refining margins. However, currently under construction Aliaga refinery in Izmir will provide a strong competition to Tupras from 2018.

Executive summary
- Strong position as Turkey's monopoly refiner
- A relatively unsophisticated refinery portfolio, but residual upgrading investment is paying off
- Strong margins and strategic advantage likely to be retained in the short-term
Financials
Portfolio summary
- European refining & marketing operations
- Refining
- Marketing
Refining and oil products
- Supply/demand
  - Implications & outlook
Mergers and acquisitions