Tupras Sees $2.7Bn Izmit Upgrader Boosting Refining Margins

Turkish state refiner Tupras spent $2.7bn on a residue upgrader at its Izmit plant, transforming it into one of the most complex refineries in the world and enabling the firm to remain competitive in a squeezed and rapidly changing market.

Tupras expects to reach full capacity any day now on a residue upgrader at its Izmit refinery, which will enable it to revive capacity utilization across its four refineries, which account for all of Turkey’s 560,000 b/d refining capacity, and reduce the volume of products it imports to meet commitments to its distribution and retail affiliates.

Tupras is hoping to raise its total capacity utilization to 95% – up from 72% for 2014 – once the upgrader is running at full throughput, allowing it to raise its products output to 27.5mn tons for 2015 from 20.1mn tons (422,000 b/d) for 2014, as well as lightening the product slate. The upgrader will turn 77,000 b/d of residual fuel oil into 75,000 b/d of diesel/jet, gasoline and LPG (see table). (CONTINUED - 587 WORDS)

DATA INSIDE THIS ARTICLE

table Turkey’S Refineries [‘000 B/D]
table Izmit Refinery Residue Upgrader
table Tupras Key Indicators (‘000 B/D)