Tüpraş to open London oil trading desk

Published 25.07.2018 21:11

Turkey's only oil refiner, Tüpraş is looking to set up a trading unit in London as part of its plans to expand trading operations beyond Turkey, according to sources.

The company is currently advertising for trading positions on gasoline, fuel oil and derivatives in London, an email from a recruiter seen by the Reuters news agency showed.

One trader said he had been approached for one of the roles recently.

It is yet unclear how the unit in London will be positioned within Tüpraş's existing trading activities. However, according to the email, the products of Tüpraş's refineries in Turkey will be traded by the trading unit in the country.

The company has not disclosed when the London unit will be opened and how large it will be. It did not immediately respond to any queries on the issue.

Tüpraş is Turkey's only oil refinery operator. The company runs a total of four refineries, in İzmit, İzmir, Kırıkkale and Batman, which have a combined daily crude oil processing capacity of 28.1 million tons or 561,000 barrels.

The refinery with a daily crude oil processing capacity of 200,000 barrels, established by Azerbaijan's state-run oil company SOCAR in İzmir, will be commissioned in the last quarter of this year.

The total investments of Turkey's largest oil refinery reached around $5.9 billion in the last 12 years, according to the data shared by company officials earlier this year.

The officials also noted that Tüpraş's production hit 28.9 million tons, with an increase of 3.4 percent compared to the previous year. It processed 28.5 million tons of crude oil and 1.9 million tons of semi-finished products in 2017.

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