Turkish refinery opens $3 bln facility

Turkish refinery opens $3 bln facility

Turkish refinery opens $3 bln facility

Koç Holding’s Tüpraş opened its new $3 billion fuel oil recycling facility on Dec. 15. DHA photo

The Turkish oil refining company Tüpraş opened a new $3 billion fuel-oil recycling facility at its refinery in the northwestern province of İzmit on Dec. 15.

“We have invested over $3 billion in the project and $5.2 billion in the sector over the last nine years. We expect the project will reduce Turkey’s current account deficit by $1 billion annually,” said Tüpraş Chairman Ömer M. Koç at the opening ceremony.

The project represents the highest investment in a single industrial project in Turkey’s history, the company said in a statement.

Koç added that the new facility will have one of the highest conversion ratios globally.

“Tüpraş aims to process 28 million tons of crude oil in the newly-opened facility in 2015,” said Tüpraş CEO Yavuz Erkut.

“With this new facility, Tüpraş will increase its diesel production up to 10-11 million tons annually. There will be 25-30 percent increase in jet fuel and gasoline production, while fuel oil production will decrease by 90 percent,” Erkut added.

The facility was constructed in 36 months and maintenance and infrastructure work to increase the production capacities of all Tüpraş refineries up to 100 percent by 2015 has been finalized, he said.

“More than 10,000 people were employed in the construction of our fuel-oil conversion facility, which is composed of 17 units, storage tanks and a 780-m long pier,” Erkut said.
Tüpraş has a total refining capacity of 28.1 million tons in four refineries.