Turkish Tupras revenues down over Iran sanctions
Revenues of the largest Turkish oil-refining company Tupras in the second quarter 2012 decreased by 47 per cent compared to the first quarter, amounting to 135.7 million liras, the company said.
The 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 revenues from sales in the second quarter increased by 16 per cent compared to the same period in 2011, amounting to 11.9 billion liras.
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.
Tupras was established in 1983 and is one of the largest in Europe. The company has four refineries, a petrochemical complex and accounts for about 85 per cent of Turkey's oil refining.
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