Tüpraş Announces Financial Results

Tüpraş announced its financial results for the third quarter of 2022. In the third quarter of the year, Tüpraş achieved 7 million tonnes of production and 8.5 million tonnes of sales with 98% capacity utilization and acquired shares in Entek, the Koç Group's power generation company, as part of its Strategic Transformation Plan encompassing 2050 targets. Tüpraş announced its financial results for the third quarter of 2022. During this period, the company achieved 7.0 million tonnes of production and 8.5 million tonnes of sales with 98% capacity utilization, reaching TRY 151 billion in revenue. Continuing its investments under the Strategic Transformation Plan covering 2050 targets at full pace, Tüpraş realized total investment expenditure of TRY 1,666 million over nine months, of which 52% was directed towards sustainability objectives. In the third quarter of 2022, supply problems in producer countries caused Brent crude oil prices to rise, while recession concerns kept prices at USD 93.3 per barrel. With the effects of the summer season and increased mobility, global demand for petroleum products rose in the third quarter of 2022. In this environment, restricted supply drove down diesel inventories while maintaining a high-price environment. In the third quarter of 2022, energy costs continued to reach historically high levels as a result of reduced investments in energy production and natural gas shortages in Europe. In the third quarter of 2022, Tüpraş's energy expenses increased fivefold compared to the same period of the previous year.

Tüpraş continues its efforts in zero-carbon power generation

On the other hand, following the approval of the process of acquiring Entek Elektrik through division at the extraordinary general meetings of the companies involved during the said period, Tüpraş completed its first significant step in building a zero-carbon power generation portfolio. Accelerating its investments in Zero-Carbon Power at refinery facilities in line with the Strategic Transformation Plan, Tüpraş signed the construction contract for a 12.6 MW capacity Solar Power Plant planned to be commissioned at the Kırıkkale Refinery in June 2023 in September and submitted an application for an additional 54.4 MW capacity.