Conexio consulting

Turkey’s energy giant Tüpraş aims to carbon neutrality by 2050

Tüpraş, the only producer of Turkey in the refining sector, was established in 1983. It has an annual crude oil processing capacity of 28.1 million tons with its 4 refineries in Kocaeli, İzmir, Kırıkkale and Batman. Tüpraş, the 7th largest refinery company in Europe, is among the
Mediterranean’s highest complexity refineries with an average Nelson complexity index of 9.5.

Tüpraş announced recently that, the company plans to invest $5 billion by 2035 and $10 billion in total by 2050 as a part of its strategic transition plan,This “Carbon  Transition Program ” which comprises feasible steps to combat the climate crisis and for the company to become carbon neutral by 2050, Tüpraş announced its “Strategic Transition Plan” in an attempt to decrease its carbon footprint.

Thanks to investments towards new energy efficiency and energy resources projects, Tüpraş projects a reduction of its carbon emissions by 27 percent in 2030 and 35 percent by 2035 compared to 2017 levels, before becoming carbon neutral in 2050. The company will mostly invest in new energy resources such as sustainable aviation fuels, green hydrogen and zero-carbon electricity, as a part of its Strategic Transition Plan.

Tupras General Manager Ibrahim Yelmenoglu said during the company’s press conference on last week.
“In the new period, they will focus on sustainable refining, bio fuels, zero-carbon electricity and green hydrogen. Our strong side, refining, will be the main driver of our transition”

Tupras will assign nearly $2.3 billion by 2035 for energy efficiency, modernisation, decarbonisation and value-added production projects, according to Yelmenoglu, while refining is expected to constitute 90 percent of the company’s operating margin by 2030 and 70 percent between 2030 and 2035.

He also said ” Most of the resources that we will gain from refining will be transferred to new areas and reducing our carbon footprint, while we aim to continue with our high dividend pay policy.”

With time, hydrogen will become our main commercial product, rather than just a side product in our production process, he added. With plans to have 1 gigawatt (GW) of installed capacity by 2030 and 2.5 GW by 2035, the company aims to provide consumers with zero-carbon electricity.

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