Turkiye Petrol Rafinerileri A.S.

Turkiye Petrol Rafinerileri is an energy and refining company based in Turkey. Co. is engaged in providing and refining crude oil, the importing and exporting of oil products, and establishing and operating refineries in Turkey and foreign countries. Also, Co. is establishing and operating factories and facilities in the petrochemical industry. Co. is engaged in purchasing, selling, importing, exporting, storing, marketing and distributing (wholesale, retail, foreign and domestic) all kinds of petroleum products, LPG and natural gas. Co. runs its business through the refineries in Izmit, Izmir, Kirikkale and Batman.
  • TickerTUPRS
  • ISINTRATUPRS91E8
  • ExchangeIstanbul Stock Exchange
  • SectorOil & Gas Producers
  • CountryTurkey
Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread increased by 3% WoW to USD488.0/ton on October 15th. • So far in 4Q21, the spread averaged at USD481.6 /ton compared to USD545.3/ton in 3Q21 and USD646.2/ton in 2Q21. While the naphtha price is up by 1.0%, the rise in the ethylene price (1.7%) caused the change in the spread.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 14% WoW to USD475.2/ton on October 8st, mainly due to 4% increase in naphtha prices and %4 decrease in ethylene prices. • In 3Q21, the spread averaged at USD545.3/ton. vs USD646.2/ton in 2Q21 and USD320.9/ton in 3Q20. Looking at the operational outlook, an improvement was observed in August and September, after a weak July. Accordingly, there may be an annual growth in 3Q21, but stronger results may not be seen compared to the previous quarter.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 5% WoW to USD554.0/ton on October 1st, mainly due to 5% increase in naphtha prices. • In 3Q21, the spread averaged at USD545.3/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622.5/ton in 1Q21 and USD255.1/ton in 2Q20.

Turkiye Petrol Rafinerileri A.S.: First half 2021 results supported by...

Our credit view of this issuer reflects its supportive long term fundamentals in Turkey, offset by the cyclical nature of the refining market and its asset concentration in Turkey.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

·Ethylene-Naphtha spread increased by 3% WoW to USD585.5/ton on September 24th, mainly due to 2% increase in both naphtha and ethylene prices. ·So far in 3Q21, the spread averages at USD544.6/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622/ton in 1Q21 and USD255/ton in 2Q20.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread increased by 3% WoW to USD488.0/ton on October 15th. • So far in 4Q21, the spread averaged at USD481.6 /ton compared to USD545.3/ton in 3Q21 and USD646.2/ton in 2Q21. While the naphtha price is up by 1.0%, the rise in the ethylene price (1.7%) caused the change in the spread.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 14% WoW to USD475.2/ton on October 8st, mainly due to 4% increase in naphtha prices and %4 decrease in ethylene prices. • In 3Q21, the spread averaged at USD545.3/ton. vs USD646.2/ton in 2Q21 and USD320.9/ton in 3Q20. Looking at the operational outlook, an improvement was observed in August and September, after a weak July. Accordingly, there may be an annual growth in 3Q21, but stronger results may not be seen compared to the previous quarter.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 5% WoW to USD554.0/ton on October 1st, mainly due to 5% increase in naphtha prices. • In 3Q21, the spread averaged at USD545.3/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622.5/ton in 1Q21 and USD255.1/ton in 2Q20.

Turkiye Petrol Rafinerileri A.S.: First half 2021 results supported by...

Our credit view of this issuer reflects its supportive long term fundamentals in Turkey, offset by the cyclical nature of the refining market and its asset concentration in Turkey.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

·Ethylene-Naphtha spread increased by 3% WoW to USD585.5/ton on September 24th, mainly due to 2% increase in both naphtha and ethylene prices. ·So far in 3Q21, the spread averages at USD544.6/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622/ton in 1Q21 and USD255/ton in 2Q20.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread increased by 3% WoW to USD488.0/ton on October 15th. • So far in 4Q21, the spread averaged at USD481.6 /ton compared to USD545.3/ton in 3Q21 and USD646.2/ton in 2Q21. While the naphtha price is up by 1.0%, the rise in the ethylene price (1.7%) caused the change in the spread.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 14% WoW to USD475.2/ton on October 8st, mainly due to 4% increase in naphtha prices and %4 decrease in ethylene prices. • In 3Q21, the spread averaged at USD545.3/ton. vs USD646.2/ton in 2Q21 and USD320.9/ton in 3Q20. Looking at the operational outlook, an improvement was observed in August and September, after a weak July. Accordingly, there may be an annual growth in 3Q21, but stronger results may not be seen compared to the previous quarter.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 5% WoW to USD554.0/ton on October 1st, mainly due to 5% increase in naphtha prices. • In 3Q21, the spread averaged at USD545.3/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622.5/ton in 1Q21 and USD255.1/ton in 2Q20.

Turkiye Petrol Rafinerileri A.S.: First half 2021 results supported by...

Our credit view of this issuer reflects its supportive long term fundamentals in Turkey, offset by the cyclical nature of the refining market and its asset concentration in Turkey.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

·Ethylene-Naphtha spread increased by 3% WoW to USD585.5/ton on September 24th, mainly due to 2% increase in both naphtha and ethylene prices. ·So far in 3Q21, the spread averages at USD544.6/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622/ton in 1Q21 and USD255/ton in 2Q20.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread increased by 3% WoW to USD488.0/ton on October 15th. • So far in 4Q21, the spread averaged at USD481.6 /ton compared to USD545.3/ton in 3Q21 and USD646.2/ton in 2Q21. While the naphtha price is up by 1.0%, the rise in the ethylene price (1.7%) caused the change in the spread.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 14% WoW to USD475.2/ton on October 8st, mainly due to 4% increase in naphtha prices and %4 decrease in ethylene prices. • In 3Q21, the spread averaged at USD545.3/ton. vs USD646.2/ton in 2Q21 and USD320.9/ton in 3Q20. Looking at the operational outlook, an improvement was observed in August and September, after a weak July. Accordingly, there may be an annual growth in 3Q21, but stronger results may not be seen compared to the previous quarter.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 5% WoW to USD554.0/ton on October 1st, mainly due to 5% increase in naphtha prices. • In 3Q21, the spread averaged at USD545.3/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622.5/ton in 1Q21 and USD255.1/ton in 2Q20.

Turkiye Petrol Rafinerileri A.S.: First half 2021 results supported by...

Our credit view of this issuer reflects its supportive long term fundamentals in Turkey, offset by the cyclical nature of the refining market and its asset concentration in Turkey.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

·Ethylene-Naphtha spread increased by 3% WoW to USD585.5/ton on September 24th, mainly due to 2% increase in both naphtha and ethylene prices. ·So far in 3Q21, the spread averages at USD544.6/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622/ton in 1Q21 and USD255/ton in 2Q20.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread increased by 3% WoW to USD488.0/ton on October 15th. • So far in 4Q21, the spread averaged at USD481.6 /ton compared to USD545.3/ton in 3Q21 and USD646.2/ton in 2Q21. While the naphtha price is up by 1.0%, the rise in the ethylene price (1.7%) caused the change in the spread.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 14% WoW to USD475.2/ton on October 8st, mainly due to 4% increase in naphtha prices and %4 decrease in ethylene prices. • In 3Q21, the spread averaged at USD545.3/ton. vs USD646.2/ton in 2Q21 and USD320.9/ton in 3Q20. Looking at the operational outlook, an improvement was observed in August and September, after a weak July. Accordingly, there may be an annual growth in 3Q21, but stronger results may not be seen compared to the previous quarter.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 5% WoW to USD554.0/ton on October 1st, mainly due to 5% increase in naphtha prices. • In 3Q21, the spread averaged at USD545.3/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622.5/ton in 1Q21 and USD255.1/ton in 2Q20.

Turkiye Petrol Rafinerileri A.S.: First half 2021 results supported by...

Our credit view of this issuer reflects its supportive long term fundamentals in Turkey, offset by the cyclical nature of the refining market and its asset concentration in Turkey.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

·Ethylene-Naphtha spread increased by 3% WoW to USD585.5/ton on September 24th, mainly due to 2% increase in both naphtha and ethylene prices. ·So far in 3Q21, the spread averages at USD544.6/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622/ton in 1Q21 and USD255/ton in 2Q20.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread increased by 3% WoW to USD488.0/ton on October 15th. • So far in 4Q21, the spread averaged at USD481.6 /ton compared to USD545.3/ton in 3Q21 and USD646.2/ton in 2Q21. While the naphtha price is up by 1.0%, the rise in the ethylene price (1.7%) caused the change in the spread.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 14% WoW to USD475.2/ton on October 8st, mainly due to 4% increase in naphtha prices and %4 decrease in ethylene prices. • In 3Q21, the spread averaged at USD545.3/ton. vs USD646.2/ton in 2Q21 and USD320.9/ton in 3Q20. Looking at the operational outlook, an improvement was observed in August and September, after a weak July. Accordingly, there may be an annual growth in 3Q21, but stronger results may not be seen compared to the previous quarter.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

• Ethylene-Naphtha spread decreased by 5% WoW to USD554.0/ton on October 1st, mainly due to 5% increase in naphtha prices. • In 3Q21, the spread averaged at USD545.3/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622.5/ton in 1Q21 and USD255.1/ton in 2Q20.

Turkiye Petrol Rafinerileri A.S.: First half 2021 results supported by...

Our credit view of this issuer reflects its supportive long term fundamentals in Turkey, offset by the cyclical nature of the refining market and its asset concentration in Turkey.

Research Team
  • Research Team

Turkey - Petrochemicals - PETKM: Ethylene - Naphtha Prices

·Ethylene-Naphtha spread increased by 3% WoW to USD585.5/ton on September 24th, mainly due to 2% increase in both naphtha and ethylene prices. ·So far in 3Q21, the spread averages at USD544.6/ton. The spread averaged at USD646.2/ton in 2Q21, compared to USD622/ton in 1Q21 and USD255/ton in 2Q20.

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