Slide 1: Q2 2016 Investor Presentation
Q2 2016 INVESTOR PRESENTATION
Slide 2: Agenda
02 Refining Industry 03 Overview Company 04 Investments 05 Key Financials
Slide 3: Refining Industry
Refining Industry
Slide 4: Brent Crude Oil Prices
Brent Crude Oil Prices $/Barrel 115 108,0 115,3 PROS 110 106,1 Disruptions in Venezuella, Libya & Nigeria 101,2 Decreased shale production 105 (US Rig Counts) 100 94,6 High consumption due to the lower price 95 environment. 90 84,3 Upcoming increase in farming consumption and La Nina 85
Slide 5: Refinery Capacity Change
Refinery Capacity Change 3.000 200 2009 2010 2011 2012 2013 2014 2015 270 2.000 520 880 530 510 526 309 160 Thousand Barrels/Day 1.000 334 250 198 400 150 390 181 0 0 120 810 0 84 302 20 640 340 135 180 305 63 160 195 40 52 65 0 -255 -145 -543 -486 -240 -109 -5 -266 2000 1.790 -140 1.678 -1.000 -775
Slide 6: Refinery Value
Refinery Value Market Position •Proportion of products sold domestically •Local Competition •Infrastructure Value Added Local Market Dynamics •Ability to upgrade •Growth trends •Correlated to complexity •Supply / Demand balance Cost Base •Energy Efficiency •Raw Material costs •Scale •Automation 6
Slide 7: Product Crack $/bbl
Product Crack $/bbl Jet Fuel 23,00 21,00 19,00 17,00 15,00 13,00 11,00 9,00 7,00 5,00 Jan Feb March April May June July Agust Sept Oct. Nov Dec 2009 2010 2011 2012 2013 2014 2015 2016 F Diesel 19,00 17,00 15,00 13,00 11,00 9,00 7,00 5,00 Oca Şub Mar Nis May Haz Tem Ağu Eyl Eki Kas Ara 2014 2015 2016
Slide 8: Product Crack $/bbl
Product Crack $/bbl Gasoline 25,00 20,00 15,00 10,00 5,00 0,00 Jan Feb March April May June July Agust Sept Oct. Nov Dec 2009 2010 2011 2012 2013 2014 2015 2016 F Naphta LPG 10,00 5,00 0,00 0,00 -10,00 -5,00 -20,00 -10,00 -30,00 -15,00 -40,00 -20,00 -50,00 Jan Feb March April May June July Agust Sep
Slide 9: Quarterly Product Crack Margins, $/bbl
Quarterly Product Crack Margins, $/bbl Gasoline 25 Diesel 21 19,4 18,9 19 17 15,2 15,1 20 14,5 16,1 16,3 15 13,0 13,0 13,8 15,3 15,7 15,2 14,6 13 15 13,6 11 10,1 10,7 17,0 18,0 9,2 20,9 9 8,0 16,5 10 7,9 18,9 13,6 14,1 16,7 15,8 16,4 7 16,4 12,1 5 9,5 9,7 6,8 5 3 4,5 1 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012
Slide 10: Crude Differentials $/Barrel
Crude Differentials $/Barrel Ural Crude Differentials $/Barrel 1,0 1,0 0,5 0,5 0,0 0,0 -0,5 -0,5 -1,0 -1,0 -1,5 -1,5 -2,0 -2,0 -2,5 -2,5 -3,0 2009-2012 Min/Max 2012 2014 2011 2013 2015 2016 -3,0 -3,5 -3,5 -4,0 -4,0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Differentials Trends 2,0 0,0 -2,0 -4,
Slide 11: Med Complex Refining Margins
Med Complex Refining Margins 9,00 8,00 7,00 6,00 5,00 Gross Margin $/bbl 4,00 3,00 2,00 1,00 0,00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -1,00 -2,00 Max-Min 2004-2009 Average 2011 2012 2013 2014 2015 2016 11
Slide 12: Turkish Sector Outlook
Turkish Sector Outlook Air Passengers - Million Primary driver of demand is 200 181,4 growing vehicle parc 165,7 149,5 Auto sales continue to massively 150 130,0 117,6 83,9 outstrip removals 102,8 80,3 73,4 Very high gasoline tax has led to LPG 100 79,4 85,5 65,4 59,4 & Diesel substitution 52,
Slide 13: 5 Months 2016 - Turkish Consumption
5 Months 2016 - Turkish Consumption (Million tons) Diesel Jet Fuel* 9,0 0,7 8,0 +9.8% 0,6 +9.9% 7,0 0,5 6,0 5,0 0,4 4,0 7,69 8,44 0,3 3,0 0,52 0,57 0,2 2,0 1,0 0,1 0,0 0,0 2015 2016 2015 2016 Gasoline Fuel Oil* 0,9 0,40 0,8 +7.1% +4.1% 0,7 0,30 0,6 0,5 0,20 0,4 0,78 0,84 0,3 0,29 0,30 0,2 0,10 0,1 0
Slide 14: Turkey's Import / Export Balance (Net)
Turkey’s Import / Export Balance (Net) Million Ton 4,0 3,0 3,0 Export 2,1 2,5 2,4 2,5 1,8 1,6 2,0 1,5 1,6 1,0 1,0 0,0 -1,0 -2,0 -3,0 -4,0 -3,0 -3,0 -3,1 -3,1 -3,0 -5,0 -6,0 -7,0 -8,0 -9,0 -10,0 -11,0 -10,0 Import -10,8 -12,0 -13,0 -12,0 -12,7-12,3 -14,0 LPG Gasoline Diesel Fuel 2011 2012 2013 2014 2
Slide 15: Company Overview
Company Overview
Slide 16: Tüpraş Refining Assets
Tüpraş Refining Assets Black Sea Baku İstanbul MARMARA İzmit Ankara Kırıkkale İzmir Batman Total Refining Capacity: 28.1 Million Tons – 100% of Turkey’s refining Capacity Kirkuk Current Nelson Complexity(NC): 9.5 İzmit İzmir Kırıkkale Batman 11.0 MT Capacity 11.0 MT Capacity 5.0 MT Capacity
Slide 17: OPET
OPET Tüpraş Share 40.0 % 1.457 Stations 1.1 Million M3 Storage International Trading 1.024 Opet Brand •Major Terminals in Marmara, Agean, •London 433 Sunpet Brand Black Sea & Mediteranean Jet Fuel Sales Lubricants A Sector Leader •Turkish Airlines JV •Fuchs JV •2nd Biggest Player •# 1 Brand 17
Slide 18: DİTAŞ – Marine Transportation
DİTAŞ – Marine Transportation – Tüpraş Share %79.98 Cumhuriyet Sevgi Gönül Leyla Suna Esra & Aylin • Crude • Products • Products Products Products • Bitumen • 2001 • 2008 • 2009 2012 • 2x20 K DWT 2011 • 164,86 K DWT • 10,98 K DWT • 10,98 K DWT 55 K DWT • Esra 2014 6 K DWT • Aylin 2015 19 Tugboats 25
Slide 19: Crude Suppliers of Tüpraş
Crude Suppliers of TÜPRAŞ (Million Tons) Crude Type - 2015 In 2015, Tüpraş purchased 21 different types of crude oil from 11 countries, with gravities ranging between 19-47 API 7% 30% 63% Heavy / Sour Medium Heavy / Sour Light & Sweet 11,54 12 9,7 10 7,2 8 6,1 5,47 5,7 5,3 5,1 6 3,8 3,11 3,1 2,57 2,
Slide 20: Margin Environment
Margin Environment Tüpraş Refining Margins ($/bbl) Premium to the benchmark Mediterranean peers’ refining Annual margin due to: 14 11,86 12 10,55 10 9,62 ► Refined products deficit characteristic to the Turkish 8 6,47 market (for diesel, jet fuel, LPG and specialist products 6 4,83 4 3,21 such as lu
Slide 21: Gross Refinery Margins, $/bbl
-5 5 0 10 15 20 25 30 35 J-99 A-99 J-99 O-99 J-00 A-00 J-00 O-00 J-01 A-01 J-01 O-01 J-02 Tüpraş A-02 USA WTI Singapore J-02 O-02 J-03 Mediterranean A-03 J-03 O-03 J-04 A-04 J-04 O-04 J-05 A-05 J-05 O-05 J-06 A-06 J-06 O-06 J-07 A-07 J-07 O-07 J-08 21 A-08 J-08 O-08 J-09 A-09 Gross Refinery Margins,
Slide 22: Production
Production Capacity Utilisation (%) Quarterly Production Volume (Mn Tons) 120 8 7,32 7,42 +6,8% 6,93 102,5 100,9 7 6,59 100 4,4 94,1 5,2 6,75 98,1 4,0 5,60 95,6 6 5,51 91,1 81,6 90,1 79,1 86,1 77,1 80 2,9 2,4 74,9 4,63 5,41 5,5 5 4,55 78,7 69,2 7,5 3,6 76,8 74,4 71,3 69,6 8,7 60 4 60,4 3 40 2 20 Cru
Slide 23: 2nd Quarter Product Yields
2nd Quarter Product Yields 2015 2016 Bitumen Bitumen 10,0% Gasoline 12,6% Gasoline 19,5% 20,6% Fuel Oil Light Black Light Black 5,4% Fuel Oil Distil. Prod. Distil. Prod. 20,9% Naphtha Coke 20,7% 16,9% 22,5% 27,4% 1,4% 2,7% Naphtha LPG 1,9% 3,8% Other Other 5,4% Coke 1,5% 0,6% Other LPG 5,5% Mid. Jet
Slide 24: Sales By Customer 1Q 2016
Sales By Customer 1Q 2016 Customer Groups Sales to Distributors Bitumen 6% Military TOTAL Other 2% 4% 23% TP Export 4% 26% Distributors BP 42% 2% OMV POAŞ 32% Other 6% THY Opet OPET 10% Shell 17% 18% Petkim LPG 0% 4% Jet 4% Total: 6,9 million ton Distributors : 3,2 million tons 24
Slide 25: Refining Sales
Refining Sales Sales Breakdown & Comparison Domestic Sales, Million Tons 32 28,7 Export %+29,5 Million 10,0 9,2 2011 2012 2013 28 Domestic tons 8,6 7,9 8,1 2014 2015 22,2 6,5 8,0 24 6,7 20 5,3 6,0 4,8 16 4,0 3,3 3,6 3,9 2,8 3,02,82,9 2,9 12 22,2 1,81,8 1,81,8 2,0 1,9 2,0 8 16,9 0,0 4 %+31,9 Gasoline
Slide 26: 12M Trading Activities
12M Trading Activities Exports, Ton*000 Exports 4.000 3.559 High CUR = big increases in export 2014 Finished Products 3.000 2.508 2.670 2.551 High Sulfur Diesel imports decreased due to 2015 low desulphurisation arbitrage profits. 2.000 ULSD imports were higher due to the trading arbitrage
Slide 27: Investments
Investments
Slide 28: Investments, million $
Investments, million $ 1.400 RUP with Supplementary Projects 1.213 Others 1.200 207 974 959 1.000 213 800 258 628 600 231 1.006 400 344 761 701 268 177 153 200 397 150 268 190 0 2010 2011 2012 2013 2014 2015 2016 28
Slide 29: İzmit Waste Water Treatment and Other Major Projects
İzmit Waste Water Treatment Other Major Projects Project Aims •To reduce the need for fresh water What the Project Entails •A water treatment plant to process municipal & refinery waste water •Two temporary systems were built to serve until the main system was completed •Project completed in 2015 In
Slide 30: Key Financials
Key Financials
Slide 31: Profitability Indicators 2015-2016
Profitability Indicators , 2015-2016 6 Month & 2Q-2015-2016 2nd Q 6M (%) (%) 2015 2016 2015 2016 61,92 45,57 -26 Dtd.Brent Price, ($/bbl) 57,95 39,73 -31,44 32,21 30,83 -4,3 Processed Crude API 32,63 30,98 -5,06 71,83 78,20 6,4 White Product Yield, (%) 72,70 75,59 2,89 4,88 3,20 -34,4 Med. Complex M
Slide 32: Financial Highlights (mn $)
Financial Highlights (mn $) EBITDA Net Income 1500 1.329 1.397 938 1000 1300 900 817 272 422 740 1100 800 667 285 830 700 629 900 174 271 468 715 600 47 91 169 410 490 700 106 560 500 175 268 47 206 500 271 89 338 351 400 309 435 328 361 300 230 171 415 165 300 256 315 226 273 140 237 200 75 262 153
Slide 33: Balance Sheet Analysis
Balance Sheet Analysis Cash & Equivalents (Billion $) Receivables (Billion $) 2,5 2,16 2,0 2,0 1,72 1,69 1,45 1,64 1,68 1,64 1,59 1,5 1,33 1,41 1,07 1,5 1,30 1,21 0,93 0,91 1,04 1,04 1,0 0,88 0,71 0,66 0,70 1,0 0,82 0,52 0,51 0,5 0,20 0,5 0,09 0,0 0,0 Financial Loans (Billion $) Payables (Billion $)
Slide 34: FX Risk Exposure (30 June 2016)
FX Risk Exposure (30 June 2016) Consolidated Consolidated Assets Liabilities Million $ Cash Payables 900 1.174 Receivables & other ST Financials 374 assets • RUP 306 42 Stock LT Financials: 2,657 842 RUP Loans: 1,407 Eurobond: 700 Forward & CFH* Other credits 550 2,509 +74 million $ *Cash flow hedge
Slide 35: Future Expectations
Future Expectations Brent Price Estimation • The average Brent price in 2016 is expected to be 45-55 dollars per barrel band. Med Complex Margin • We expect Med Complex margins to be 3.5 – 4.0 dollars per barrel band in 2016. Tüpraş Net Margin • Net Tüpraş refinery margin is expected to be in the re
Slide 36: Income Statement
Income Statement Q2 Q2 % Diff. Million USD 6 M 2015 6 M 2016 % Diff. 2015 2016 4.024,3 2.914,7 -28 Net Sales 6.853,6 5.016,0 -27 431,2 221,3 -49 Gross Profit 634,3 387,9 -39 -72,0 -78,9 10 Operating Expenses -142,0 -155,8 10 -21,3 27,3 -228 Income/Loss from other operations -112,1 30,6 -127 337,9 16
Slide 37: Tüpraş Balance Sheet
Tüpraş Balance Sheet Million USD 30.06.2016 31.12.2015 Difference % Difference Current Assets 3.598 2.984 615 21 Cash & C. Equivalents 1.590 1.041 549 53 Receivables 915 882 32 4 Derivatives 7 6 0 2 Inventories 892 723 169 23 Pre-paid expenses 50 45 5 11 Other Current Assets 144 285 -141 -49 Long Te
Slide 38: Dividends
Dividends (TL) 12 1.800 1.628 1.600 10 10,18 1.400 8 1.200 Total Payout (Million TL) 985 1.000 964 6 6,50 5,83 800 746 4,96 4,78 4 626 600 579 3,93 3,85 3,24 396 400 2,94 2,98 2 2,31 2,50 1,73 200 1,58 0 0 0 2008 2009 2010 2011 2012 2013 2014 2015 Earnings per Share Gross Dividend Total Payout 2012/
Slide 39: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect the Company management’s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and c
Slide 40: Investor Relations Contact
Deniz Değirmenci Investor Relations Manager The Investor Relations section of our company website has a rich content of updated information for the interested investors www.tupras.com.tr Investor Relations and Reporting Directors Tel. : 262 316 3269 Fax : 262 316 30 10-11 Güney Mah. Petrol Cad. No .
Slide 41: Supplements
Supplements
Slide 42: Product Price Effect on Tüpraş in 2Q
Product Price Effect on Tüpraş in 2Q FOB Italy Prices Product Price, $/ton Tüpraş Crack Margin, $/bbl 2nd Quarter Product 2016 2015 2016 2015 Yield % LPG 293,63 388,50 3,6% -19,42 -27,33 Gasoline 486,65 660,19 20,1% 14,40 19,42 Naptha 379,49 506,55 1,1% -2,73 -4,74 Jet Fuel 419,55 575,55 17,5% 7,80
Slide 43: Product Price Effect on Tüpraş in 1H
Product Price Effect on Tüpraş in 1H FOB Italy Prices Product Price, $/ton Tüpraş Crack Margin, $/bbl 2nd Quarter Product 2016 2015 2016 2015 Yield % LPG 289,75 386,58 3,6% -13,93 -23,53 Gasoline 441,58 602,31 20,1% 14,68 16,27 Naptha 339,58 470,78 1,1% -1,39 -4,80 Jet Fuel 371,69 556,16 17,5% 7,55
Slide 44: Inventory Effect Analysis
Inventory Effect* Analysis 2015 2016 $ million Crude Product Total Crude Product Total 1st Quarter -35,1 -35,1 -70,2 -9,0 -13,4 -22,4 Apr 9,1 25,3 34,4 7,2 16,6 23,8 May 16,8 12,0 28,8 26,3 43,3 69,6 Jun 2,2 1,7 3,9 13,4 10,2 23,6 2nd Quarter 28,1 38,9 67,1 46,9 70,1 117,0 6 Months -7,0 3,9 -3,1 37,
Slide 45: High Demand in 2015
HIGH DEMAND in 2015 (12 Month 2015 - Turkish Consumption (Million ton)) Diesel Jet Fuel* 25,0 5,0 +13,1% 20,0 +15,8% 4,0 15,0 3,0 20,18 4,64 10,0 17,43 2,0 4,10 5,0 1,0 0,0 0,0 2014 2015 2014 2015 Gasoline Fuel Oil 2,5 0,60 +9,1% 0,50 -18,5% 2,0 0,40 1,5 0,30 1,0 2,09 0,54 1,92 0,20 0,44 0,5 0,10 0,
Slide 46: 5 Months 2016 - Turkish Consumption
5 Months 2016 - Turkish Consumption (Million tons) Diesel Jet Fuel* 9,0 0,7 8,0 +9.8% 0,6 +9.9% 7,0 0,5 6,0 5,0 0,4 4,0 7,69 8,44 0,3 3,0 0,52 0,57 0,2 2,0 1,0 0,1 0,0 0,0 2015 2016 2015 2016 Gasoline Fuel Oil* 0,9 0,40 0,8 +7.1% +4.1% 0,7 0,30 0,6 0,5 0,20 0,4 0,78 0,84 0,3 0,29 0,30 0,2 0,10 0,1 0
Slide 47: High Complexity #1
HIGH COMPLEXITY #1 (Nelson Complexity of Refinining Companies) İzmit 16 After RUP 14,5 14 13,0 12,6 Tüpraş 11,8 11,6 After RUP 12 11,5 11,0 10,4 Tüpraş 10 9,9 9,8 9,6 9,5 9,4 Before RUP 9,2 9,2 9,0 8,8 8,7 8,4 8,0 8 7,3 7,1 7,1 7,1 7,1 6,8 6,5 5,9 5,8 5,8 6 4 2 0 47
Slide 48: High Complexity #2
HIGH COMPLEXITY # 2 (Resid Upgrading Units Production – (Thousand Tons)) Raw Materials Products (kton) (kton) Natural Gas 246 Vacuum Resid 1,214 Atm. Straight Run Fuel Oil 3,036 Total Feed 4,496 Total Production 4,250 48
Slide 49: High Complexity #3
HIGH COMPLEXITY # 3 (Tüpraş Total Production Change After RUP) Bitumen 2,9 Before RUP After Coke 0,7 RUP production + 4 Refineries Capacities increase 9,1 mn tons, Fuel Oil 0,35 2,7 %-87 instead of 4,2 mn ton Others 1,4 0,3 %19 Diesel 5,6 5,5 Jet Fuel 3,6 0,9 %25 Gasoline&Na 4,7 1,7 %35 ptha 0 2 4
Slide 50: Large Scale and Strategic Investment Incentive
HIGH COMPLEXITY # 4 (Tüpraş Tax Incentive From RUP) Large Scale • Valued at 30% of project cost • Realised after completion Investment Incentive • Tax rate of 10% on project earnings until total 21.10.2010 incentive is reached Strategic Investment • Valued at 50% of project cost • Partly realised du
Slide 51: High Quality
HIGH QUALITY (Maximum on-road diesel sulphur limits, January 2014) 2014 2015 2020 2025 US& Canada 15 15 15 10 Latin America 630 450 195 40 Europe 20 18 12 10 Middle east 900 470 125 45 Russia & Caspian 90 70 55 40 Africa 2.800 2.000 850 390 Asia& Pasific 245 185 105 45 Tüpraş and Turkey have the m
Slide 52: High Flexibility
HIGH FLEXIBILITY (Tüpraş Refineries Simple Flow Diagram) 2015 Yield LPG Merox (6) LPG 6,400 %3.4 Isomerisation m3/bbl (3) Naphtha Splitter Gasoline + (8) Unifiner Naphtha Reformer %21.9 (7) 16,900 m3/bbl Benzene Saturation Kero / Diesel (2) HDS Jet Fuel + 97,000 (10) Kerosene m3/bbl 37,300 %19.0 m3/
Slide 53: Locational Advantage & Heavier Crudes
LOCATIONAL ADVANTAGE & HEAVIER CRUDES (Crude Suppliers of TÜPRAŞ (Million Tons)) Crude Type - 2015 In 2015, Tüpraş purchased 21 different types of crude oil from 11 countries, with gravities ranging between 19-47 API 7% 30% 63% Heavy / Sour Medium Heavy / Sour Light & Sweet 11,54 12 9,7 10 7,2 8 6,1
Slide 54: Covering Whole Country
COVERING WHOLE COUNTRY Operations Tüpraş operates the only 4 refineries in Turkey • 3 Large Refineries produce Euro V Diesel & Gasoline, plus jet fuel, fuel oils, asphalt, LPG, naphtha and others Black Sea Baku İstanbul Marmara İzmit Ankara İzmit 11.0 MT Capacity Kırıkkale NC: 14,5 Batman İzmir
Slide 55: Competition #1
COMPETITION # 1 (European Pump Price Comparison) Gasoline (Krş / Lt) Diesel (Krş / Lt) 600 Tax Distr. Margin Pump No Tax 500 458 445 517 450 406 500 465 400 439 442 442 364 423 425 428 348 350 352 350 322 330 250 400 374 300 312 311 271 215 213 207 170 250 318 222 174 285 300 301 280 311 278 278 213
Slide 56: Competition #2
COMPETITION # 2 (Regional Competition) Mediterranean Black Sea 17 Refineries 53 1.6 mn bpd Refineries 7.6 mn bpd 56
Slide 57: Competition #3
COMPETITION # 3 (SOCAR-STAR Refinery) • Goldman Sachs has acquired a 13 percent stake in SOCAR Turkey for $1.3 billion. • Goldman Sachs has the right to resell 10 percent of its stakes to Socar, and the remaining 3 percent to ‘Sermaye Investments Limited’ owned by SOCAR within 6 year at the same pri
Slide 58: Competition #4
COMPETITION # 4 (Turkey consumption balance & the effect of new refinery) 2018 2018* Million ton Turkey Tüpraş Turkey- Star Deficit/ Demand Production Tüpraş SOCAR (Excess) Crude Oil 28,1 10,0 Semi product+Other charge 0,8 Total processed 28,9 10,0 Products LPG 4,1 1,1 -3,0 0,3 -2,7 Petrochem. charg
Slide 59: Crude Demand
CRUDE DEMAND • While the demand in Asia, Middle East & Africa is still increasing, growth is less than 2015 FSU +85 Europe -52 Global Consumption & Growth 1,33 Million barrels/day North Asia America +1,85 Middle East +0,97 +144 +1028 96,07 94,74 Africa 92,88 +95 Latin America 2014 2015 2016 -20 +130
Slide 60: Tüpraş HSE KPI: Loss Time Incident Frequency
Tüpraş HSE KPI: Loss Time Incident Frequency and Severity Frequency Ratios Incident Frequency İncluding contractors 8,0 Tüpraş Contractor Total 7,0 6,0 5,0 3,6 4,0 3,0 2,5 2,5 2,2 1,7 1,5 1,6 2,0 1,1 0,7 1,0 1,9 7,1 7,1 6,9 6,1 4,8 5,0 3,4 3,5 3,6 3,2 1,7 1,8 1,9 2,6 1,7 1,4 2,4 0,8 2,8 1,3 3,4 2,0
Slide 61: Energy Saving Projects
Energy Saving Projects , mn$ 450 400 398 407 350 376 300 345 250 200 240 150 100 135 50 73 42 0 2008 2009 2010 2011 2012 2013 2014 2015 Energy Index 119,1 99,2 2008 2009 2010 2011 2012 2013 2014 2015 Total Tüpraş Energy consumption (TJ) 76.653 65.265 67.010 70.792 71.086 69.147 67.034 90.796 577.783