Tupras

completed

 Turkiye Petrol Rafinerileri A.S (“Tupras or the “company” – www.tupras.com.tr) is the only crude oil refining company in Turkey. With the total capacity of 28.1 million ton per annum (mtpa), it is the 7 th  largest crude oil refining company in Europe and the 26 th  largest in the world. Tupras has four refineries in Turkey: Izmit (11.0 mtpa), Izmir (11.0 mtpa), Kirikkale (5.0 mtpa), and Batman (1.1 mtpa). Koc Holding A.S (“Koc Holding”) is the controlling shareholder of Tupras. IFC is considering a corporate loan of up to US$100 million to finance (i) the company's research and development expenditure during 2017-2019 period, (ii) the new sulphur recovery units (the "SRUs") to be constructed in Izmit, Izmir and Kirikkale refineries, and (iii) the capacity increase of the continuous catalyst regeneration (the "CCR") platformer in Izmir refinery (the "Project"). All four refineries process medium to heavy crude oil to various products, including liquid petroleum gas (LPG), gasoline/naphtha, jet fuel/kerosene, gas oil, lube oil, fuel oil/bitumen, etc. The average Nelson Complexity Index (NCI) for four refineries is 9.5, where NCI for Izmit is as high as 14.5. All four refineries are located in industrial zones, surrounded by other chemical, fertilizer or similar facilities. There are some residential communities outside the industry zones – nearest being at least one kilometer away. Izmit and Izmir refineries have their own marine jetties in Izmit Bay and Aliaga Bay respectively; Kirikkale and Batman refineries are connected with railroad and pipelines for transporting the fuel products.