BGC Partners - Turkiye Petrol Rafinerileri A.S. (TUPRS) BGC Partners: TUPRAS: Crack Spreads, Differentials and Med-Complex Margin in Sep-19: Indicating a weak 3Q for Tupras

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BGC Partners

Ezgi Yilmaz

EUR 103.24 For Business Accounts Only

BGC Partners: TUPRAS: Crack Spreads, Differentials and Med-Complex Margin in Sep-19: Indicating a weak 3Q for Tupras

Slow recovery in middle distillate cracks in Sep-17 ahead of IMO-2020â€¦ Diesel and jet fuel cracks averaged at US$16.6/bl (+18% YoY) and US$17.0/bl (+36% YoY) in Sep-19, respectively. Middle distillate cracks were at exceptionally low levels in 2Q19 (diesel down by 12% and jet fuel down by 22% YoY) parallel to worries over global growth and high level of jet fuel supply

02/10/2019 3 EN

Underlying

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.

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TRATUPRS91E8 Istanbul Stock Exchange Turkey

Provider

BGC Partners

BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.

We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:

Mergers & Acquisitions
Equity Capital Markets
Debt Finance & Advisory

See profile

Analysts

Ezgi Yilmaz

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BGC Partners: TURKEY - Central Government Budget continued to improve in February

Finance Ministry released February Central Government budget figures and the data showed further improvement in budget balances, as already suggested by the Treasury cash budget figures.

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BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

OUR TAKE: We observe no major change in inflation expectations, as the positive surprise in February reading seems to be offset by increased depreciation pressure on TL, while 2020 GDP growth forecast has been cut for the first time since July 2019. Meanwhile, there seems to be a 50bps rate cut expectation from the CBT in next weekâ€™s meeting, 100bps over the next three months, and 175bps over the next twelve months. We currently plug in a 50bps rate cut in our forecasts in next weekâ€™s meeting, followed by a 25bps in the April meeting. (CBT, BGC Partners)

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BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

According to Turkstat, retail sales volume registered a 9.6% y/y expansion in January 2020 in unadjusted terms; while the calendar-adjusted figure also increased by 9.6% y/y in January, which is a quite strong figure, albeit indicating a mild slow down compared to the 11.9% increase recorded in December 2019.

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BGC Partners: TUPRAS: Crack Spreads, Differentials and Med-Complex Margin in Sep-19: Indicating a weak 3Q for Tupras

WOOD Daily: EAT PW; SFG RO; INPST NA; MIL PW; PGE PW; APR PW; DVL PW; 4IG HB; BRD RO; MTLN GA; TUPRS TI; EME Macro/Strategy Weekly; TBCG LN; MCOVB SS; ADNOCDRI UH

Turkiye Petrol Rafinerileri A.S. - September 2025 (LTM): Peer Snapshot

EME Macro/Strategy: dividends in EMEA – yield hunting after markets have repriced

BGC Partners: TURKEY - Central Government Budget continued to improve in February

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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