Published On: Thu, May 10th, 2018

Total sales volume of Turkey’s TUPRAS reaches 6.2 million tons in first quarter 2018

Total sales volume of Turkey’s TUPRAS reaches 6.2 million tons in first quarter 2018

TUPRAS, Oil Production Company, Turkey

 

It was announced in a statement made by Corporate Communications Department of Tüpraş that despite investment activities and planned maintenance halt of the refineries, the giant petroleum company continued to meet the domestic demand in the first quarter of the year.

In the statement released by TUPRAS it was mentioned that crude oil prices which had started the year at USD 66.6/barrel were recorded at USD 66.80 as an average for the first quarter of the current year. This was despite the upward support due to continued alignment for the cut-off agreement and increased geopolitical risks in the Middle East. This is not to forget the crude oil prices were balanced by the increase of production in the USA.

Despite decline in production quantities due to planned maintenance TUPRAS continued to meet the Turkey’s demand and increased domestic sales volume to 5.2 million tons with an increase of 5 percent.

“First quarter sales revenue of TUPRAS for the year 2018 was TL 13.4 billion corresponding to an increase of 8 percent and based on 24 percent increase in the crude oil price and a 3 percent increase in the exchange rate compared to the same period of the previous year.

Due to the narrowing of light-heavy crude oil prices, the decrease in total product margins and the planned maintenance downturn, operating profit was TL 690 million corresponding to a decline of 47 percent and pre-tax profit went down to TL 472 million with a decrease of 55 percent.

In the first three months of the year, Tüpraş, which sustained its investments in line with company targets, has announced that it has invested a total of $ 63 million for refining. In its statement the company also said there would be no revisions in activity plans for the end of the year and full capacity production was targeted.





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