Turkey’s Tüpraş Racks Up Profits, Maxes Output As Runs Of Iraqi Crude Double

Turkey’s sole refiner Tüpraş saw its profits top $1bn last year, after a three-year spending spree which included a $2.7bn upgrader project. Refinery runs hit 98% as throughputs from key supplier Iraq more than doubled.

Tüpraş increased total crude runs at its five refineries by 37.5% to 553,000 b/d last year, taking capacity utilization to 98% from 72% in 2014, when the installation of a residue upgrader at the Izmit refinery constrained operations. The upgrader was started up in May 2015.

Tüpraş received a fillip as Mediterranean refining margins rose from $1.95/B in 2014 to $4.83/B for 2015 with product prices falling less rapidly than those for crude, chairman Ömer Koç says in the company’s 2015 annual report, released 11 March. But what the company declines to flag up is that Turkish imports of Iraqi crude more than doubled to 228,000 b/d in 2015, hitting 256,000 b/d in Q4 (see MEES, 26 February for full data). (CONTINUED - 787 WORDS)


table Tupras Key Indicators ('000 B/D)
chart Tupras Refinery Runs ('000 B/D)
chart Tupras Capex Vs Operating Profit ($Mn)
table Turkey’S Refineries [‘000 B/D]
table Izmit Ref. Residue Upgrader