Trkiye Petrol Rafinerileri : Tpraş continues its investments for its Strategic Transition Journey without interruption while operating at full capacity | MarketScreener

November 3, 2022 admin-dominor

03 November 2022

Turkey’s leading industrial company, Tüpraş, announced the financial results for the third quarter of 2022. Tüpraş, realizing 7 million tons of production and 8.5 million tons of sales with 98 percent capacity utilization in the third quarter, took over the shares of Entek,the electricity generation company of Koç Group, within the scope of its Strategic Transition Plan that includes 2050 targets.

Tüpraş announced the financial results for the third quarter of 2022. Tüpraş had a capacity utilization of 98% while total production and sales realized as 7.0 and 8.5 million tons, respectively. Tüpraş recorded TL 151 Billion total revenues in the third quarter.

Tüpraş continued its investments at full speed within the framework of the Strategic Transition Plan that includes the 2050 targets. Having invested a total of 1,666 million TL, Tüpraş spent 52% of total capex towards sustainability investments in the first nine months of 2022.

The persistence of supply problems in oil producing countries caused the price of Brent crude oil to rise, while fears of recession were effective in keeping the price at $93.3/bbl in the third quarter of 2022.

Global demand for petroleum products increased in the third quarter of 2022, which was driven by summer season and increased mobility. While limited supply decreased diesel stocks, high price environment was persisted. In the third quarter of 2022, as a result of the decrease in energy investments and the natural gas shortage in Europe, energy costs remained at historically high levels. Within this time period, Tüpraş’s energy expenditures increased to 5 times of the same period of last year.

Despite all these uncertainties and volatility, Tüpraş, whose priority is to meet Turkey’s demand for petroleum products in all periods and under all conditions, has successfully fulfilled its responsibility in meeting the fuel needs of our country in this period as well. In this period of increased global volatility, disciplined and effective financing policies continued to support Tüpraş’s strong balance sheet management.

Tüpraş continues its steps in the field of zero carbon electricity generation
Tüpraş completed the first important step in its zero-carbon electricity generation portfolio, with the approval of Entek Elektrik’s takeover through partial division in the extraordinary general assembly meetings of the companies which are parties to the transaction.

In line with its Strategic Transition Plan, Tüpraş also accelerated its investments in the field of Zero Carbon Electricity production in the refinery sites, signed the contract for the Solar Power Plant with a capacity of 12.6 MW in September, which is planned to be commissioned in June 2023 at Kırıkkale Refinery, and applied for an additional 54.4 MW capacity.

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.