"TÜPRAŞ expects to reach a turnover of 11.5 billion USD by the end of 2009. Our target is set as 15 billion USD for the next year," TÜPRAŞ CEO Yavuz Erkut said.
TÜPRAŞ is Turkey's largest industrial enterprise, with over 28 million ton crude processing capacity. It is partly owned and controlled by Turkish conglomerate Koc Holding. In 2005, a consortium of Koc Holding and Shell bid over 4 billion USD to acquire the 51 percent of the company.
"Figures may vary depending on crude oil prices," Erkut said in a statement. "2010 net profit is estimated to surpass this year's profit. We will also post a net profit in line with our expectations for the year 2009."
Erkut said TÜPRAŞ estimates 10 percent rise in output in 2010, adding that exports are also expected to increase 35 percent.
TÜPRAŞ plans to make investments of some 300 million USD within a year, Erkut added.
