Istanbul, October 4, 2017
- IFC, a member of the World Bank Group, is granted a 7-year loan of approximately $100 million to Tüpraş, Turkey’s oil refiner and largest industrial company to support its investment plans concerning environmental upgrades, improvement in efficiency, and research & development activities.
With IFC’s investment, Tüpraş will install new sulfur recovery units in İzmit, İzmir and Kırıkkale Refineries to optimize its crude oil processing capability and improve sulfur emissions. The new investments will also include an increase in the capacity of the continuous catalyst regeneration platformer in İzmir Refinery to increase Tüpraş’ global competitiveness by allowing the company to produce more value-added products using the same feedstock.
Tüpraş CFO Doğan Korkmaz said: “Tüpraş is constantly investing in best available technologies to provide its customers sustainable solutions for their fuel needs. With additional sulfur recovery units we will be ready to support maritime industry in their efforts to change into low sulfur marine fuel before the regulation change planned for 2020. It is good to have IFC partnering us in this effort, providing us the long term financing for this good cause and enable us follow high environmental standards.”
The investment will support Tüpraş to ensure value added, resource efficient local refining capacity for Turkey, where demand for refined products grew above 2,5% per year over the last 20 years.
Carsten Muller, IFC Director of Manufacturing, Agribusiness and Services in Europe, Middle East and North Africa said: “The commitment of large industrial companies as Tüpraş to sustainable practices and resource efficiency is very important to encourage others. This financing will allow Tüpraş to boost its existing modernization and invest in R&D to move up the value chain, while adopting high environmental standards.”
IFC promotes access to affordable, reliable and sustainable energy because it is vital to driving economic growth and ending extreme poverty. In addition to working with companies to produce cleaner energy solutions, IFC is also one of the world’s largest investor in renewable energy, with investments now totaling more than $1.0 billion annually and growing at a 20 percent rate.
IFC has supported private sector development in Turkey for 50 years. Turkey is the second-largest country exposure for IFC globally. In line with the World Bank Group Turkey Country Partnership Strategy for fiscal years 2012 to 2017, IFC has invested nearly $5 billion in private sector projects.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit