TURKEY

Tupras Sees $2.7Bn Izmit Upgrader Boosting Refining Margins

Turkish state refiner Tupras spent $2.7bn on a residue upgrader at its Izmit plant, transforming it into one of the most complex refineries in the world and enabling the firm to remain competitive in a squeezed and rapidly changing market.

Tupras expects to reach full capacity any day now on a residue upgrader at its Izmit refinery, which will enable it to revive capacity utilization across its four refineries, which...