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had cut runs at its Izmir refinery by 50%, at its Izmit refinery by 20% and its Kirikkale refinery by 50%.
In April, the company lowered its production expectation for 2020 from 28mn tpy to 24mn tpy and had slashed its sales estimate from 29mn tpy to 25mn tpy due to declines in demand.
On April 16, Fitch Ratings revised its outlook on Tupras to negative from stable, while affirming the company at 'BB-', three notches below investment grade, in line with Turkey’s sovereign rating.
Tupras has, as usual, ranked first on Fortune magazine’s top 500 Turkish companies list, with sales at Turkish lira (TRY) 89.6bn ($13bn). The company’s revenues increased 1.2% last year from 2018. Tupras was also the fifth-largest exporter in Turkey.
Turkey’s largest conglomerate, Koc Holding, controls 51% of Tupras via subsidiaries. The remaining 49% is free-float. Turkey’s privatisation administration has one golden share.
Tupras reported a net loss of TRY2.27bn (€324mn) for the first quarter of 2020 versus a loss of TRY375mn in the same period a year ago.
Sales volumes recorded by Tupras declined by 14.5% on an annual basis to 6.2mn tonnes in Q1.
UK Oil and Gas (UKOG) signed a binding deal with US oil company Aladdin Middle East (AME) to buy a 50% non-operated working interest in Turkey’s Resan Licence.
9.2.2 Transport corporate news
Flag carrier Turkish Airlines served only 1mn passengers in June, a volume that was down 85% y/y, the airline said on July 15 in a stock exchange filing. Turkey’s aviation industry is still very much mired in the coronavirus (COVID-19) crisis.
The airline’s number of domestic passengers plunged 71% y/y to 0.8mn while its international passenger tally nosedived 95% y/y to 0.2mn.
In H1, the volume of carried passengers declined 58% y/y to 14.6mn. It was made up of 6.5mn domestic passengers (down 57% y/y) and 8.1mn international passengers (down 60% y/y).
In April and May, Turkish Airlines served only 0.2mn passengers.
77 TURKEY Country Report August 2020 www.intellinews.com
