Turkish Tupras revenue decreases because of sanctions against Iran

Azerbaijan, Baku, Aug. 29 / Trend A.Taghiyeva / Revenues of the largest Turkish oil-refining company Tupras in the second quarter 2012 decreased by 47 per cent compared to the first quarter of 2012, amounting to 135.7 million liras, the company said on Wednesday. Reduction in revenues is due to the fall in oil prices in the second quarter of 2012 and the sanctions against Iran which led to an increase in the company's expenditure. Total revenue from sales in the second quarter increased by 16 per cent compared to the same period in 2011, amounting to 11.9 billion liras. According to the report, the company's refining margin which shows the difference between the price of a barrel of oil and the price of the basket of oil products produced from it, fell for a barrel of oil by 0.69 per cent compared to the second quarter of 2011, amounting to $3.65. Sales of the company's products in the Turkish domestic market during the second quarter of 2012 increased by seven per cent, compared to the same period in 2011, reaching 5.2 million tons. Turkish company Tupras was established in 1983 and is one of the largest in Europe. The company has four refineries, a petrochemical complex and ensures about 85 per cent of Turkey's oil refining. Do you have any feedback? Contact our journalist at agency@trend.az