Turkey's largest oil refinery Tüpraş has invested some $6.5 billion, including an investment $199 million in 2018, since the company's privatization in 2005.

In an evaluation report of its 2018 operations, Tüpraş said: "Having supported its production activities in 2018 with its strong balance sheet and effective financial risk management policies, the company continued to meet Turkey's growing fuel needs by increasing its domestic diesel oil and jet fuel sales by 5.9 percent on average compared to last year."

The amount of domestic sales by Tüpraş, which conducted full-capacity production in the fourth quarter of 2018, reached 6.1 million tons, while total sales amounted to 7.6 million tons. The company increased its domestic diesel oil and jet fuel sales by 5.9 percent on average over the previous year.

"With the impact of an average 10 percent increase in crude oil prices and an average of 45 percent rise in exchange rates compared to the same period last year, Tüpraş's fourth-quarter sales revenue in 2018 stood at TL 24.8 billion, while they stood at TL 88.5 billion throughout the year," the report added.

Tüpraş General Manager İbrahim Yelmenoğlu pointed out that the company supports its production activities with its strong balance sheet and effective financial risk management policies.

"According to Energy Market Regulatory Authority (EMRA) figures, diesel oil consumption in Turkey rose by 4.2 percent in the first 11 months of 2018, while jet fuel consumption increased by 9 percent. During this period of high demand, we successfully fulfilled our responsibility to meet Turkey's fuel needs," Yelmenoğlu said.

The crude oil price which was at $84.7 per barrel in October due to rising supply concerns, crude oil production increases and rising concerns about the global economy, declined by 41 percent, reaching $50.2 per barrel at the end of the year.

"The average crude oil price for 2018 was $71 per barrel. Having successfully implemented its risk policies under these big uncertainties, our company will maintain effective financial risk management and a strong balance sheet that will support our operations in the upcoming period. With its growing global competitive power, Tüpraş will achieve its operational and financial objectives and continue to create added value for its shareholders, business partners and our country."

In 2005, a Koç Holding-Shell joint venture won the tender for the privatization of Tüpraş with the highest bid of $4.14 billion.