Turkey downstream oil long-term outlook
Despite the country's recent geopolitical risks and devaluation of the Turkish Lira, Turkey's oil products demand remains on a solid upward trajectory and is considered to be the largest growth market in Europe. Government actions to stop the fraudulent use of base oil as diesel has reduced illegal fuel sales. SOCAR's 10Mt/yr Aliaga refinery opened in 2018 - breaking the long-held Tupras refining monopoly. The retail landscape changed drastically in 2010 and 2015 with the introduction of five-year service station dealer contracts. A key feature of the retail market remains the dominance of the DODO operating model. Poor margins have driven some international oil companies to sell their retail fuel businesses.