15 August 2022

Tüpraş announced the financial results for the second quarter of 2022. Tüpraş had a capacity utilization of 100% while total production and sales realized as 7.1 and 7.3 million tons, respectively. Tüpraş recorded TL 136 Billion total revenues in the second quarter.

Continuing its investments in modernization, energy efficiency and transition, the company has made a total investment of TL 643 Million in the second quarter, 37% of which is sustainability investments.

The decrease in the supply of crude oil and fuel products continues to be the determining factor in the oil market dynamics.

In the second quarter of 2022, the tightening of the sanctions applied to Russia, the continuation of supply problems in the oil producing countries and the healthy fuel demand caused the Brent price to hover above $100/bbl.

In order to meet the increasing demand after the pandemic, Tüpraş's capacity utilization rate reached 100% in the second quarter. Well-disciplined and effective financial policies continued to support Tüpraş's strong balance sheet management during this period of increased global volatility.

In the same period, as a result of the continuation of similar demand and the decrease in investments in energy production, energy costs also increased to historical high levels.

First important step taken to produce sustainable aviation fuel

On the other hand, Tüpraş signed a license agreement with Honeywell, one of the world's leading technology companies, for the use of UOP Ecofining™ technology in sustainable aviation fuel production. In this planned facility, steps towards the biofuel business area will continue, which is a part of the strategic transition plan, by using this technology.

Tüpraş accelerates its steps in the field of zero carbon electricity generation

Approval of Capital Markets Board of Turkey was obtained concerning the transaciton process initiated in April for the takeover of Entek Elektrik's shares from Aygaz and Koç Holding through partial spin-off. The transaction will be submitted to the approval of the shareholders at the Extraordinary General Assembly meeting to be held on August 25, 2022.

With the compatibility of Entek's existing renewable electricity capacity and growth plans with Tüpraş's strategic goals, the steps taken in the field of zero-carbon electricity will be accelerated. In line with its strategic transformation plan, Tüpraş accelerated its investments in the field of zero carbon electricity and has started the installation of a 12.6 MW Solar Power Plant in its Kırıkkale Refinery.

While Tüpraş fulfils its duty to meet the fuel needs of our country without interruption, it aims to be the leader in the energy sector of our country in the future, as it is today. Tüpraş will continue to create added value for all its stakeholders and Turkey with its competent human resources and global competitiveness, by carrying out all its activities with a safe business approach, under all circumstances and in every field, as well as throughout its transition journey.
Operational Results
2Q 2022 2Q 2021 Diff. (%)
Operational Total Production 7.1 6.5 9
(Million Tons) Total Sales 7.3 6.9 6

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TUPRAS - Turkiye Petrol Rafinerileri AS published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 16:03:15 UTC.