Tüpraş Revenue Reaches TRY 136 Billion

Tüpraş announced its financial results for the second quarter of 2022. As part of its Strategic Transformation Plan, Tüpraş is accelerating its steps toward reaching a zero-carbon electricity generation portfolio of approximately 1 GW by 2030. Tüpraş announced its financial results for the second quarter of 2022. The company achieved 7.1 million tons of production and 7.3 million tons of sales with 100% capacity utilization in this period, reaching TRY 136 billion in revenue. Tüpraş, which is pursuing modernization, energy efficiency and transformation investments at full pace, made total capital expenditures of TRY 643 million in the second quarter, 37% of which was directed toward sustainability targets.

Decline in crude oil and petroleum product supply continues to be decisive in oil market dynamics

In the second quarter of 2022, the tightening of sanctions packages against Russia, the continuation of supply issues in producing countries and healthy petroleum product demand caused Brent crude oil prices to trade above USD 100 per barrel. In the second quarter, Tüpraş's capacity utilization rate reached 100% to meet increasing post-pandemic demand. During this period of increased global volatility, disciplined and effective financing policies continued to support Tüpraş's strong balance sheet management. During the same period, as a result of similar demand and reduced investments in energy production, energy costs climbed to historic highs.

Steps toward the biofuels business area

Meanwhile, Tüpraş signed a licensing agreement with Honeywell, one of the world's leading technology companies, for the use of UOP Ecofining™ technology in sustainable aviation fuel production. The planned facility aims to use this technology to continue steps toward the biofuels business area, which is part of the strategic transformation plan.  

Accelerating steps in zero-carbon electricity generation

In the process initiated in April regarding the acquisition of Entek Elektrik shares through partial separation from Aygaz and Koç Holding, approval from the Capital Markets Board was obtained. The transaction will be submitted for shareholder approval at the Extraordinary General Meetings of the relevant companies to be held on 25 August 2022. Thanks to the alignment of Entek's existing installed renewable electricity capacity and growth plans with Tüpraş's strategic objectives, steps taken in the zero-carbon electricity area will accelerate. Accelerating its investments in the zero-carbon electricity area in line with its strategic transformation plan, Tüpraş has also begun construction of a 12.6 MW Solar Power Plant at its Kırıkkale Refinery.