Explosion occurred at Tüpraş: What is the latest status of Tüpraş shares? Have TUPRS shares been suspended?

An explosion occurred at the TÜPRAŞ refinery located in the İzmit Gulf around noon.

Following the explosion, sirens began to sound in the region.

While it is known that TÜPRAŞ is Turkey's largest industrial enterprise, employees were evacuated after the explosion.

WHAT IS THE STATUS OF TÜPRAŞ SHARES?

Following the explosion, a change was observed in Tüpraş shares. Starting the day at 143.90, Tüpraş was trading at 139.40 as of 14:00.

HAVE TUPRS SHARES BEEN SUSPENDED?

Following the news of the explosion, TUPRS shares lost 2.5 percent in value as an initial reaction as of 13:42, falling to 138.50 TL. It was announced that the shares were temporarily suspended from trading until a statement was received from the company at 14:03.

WHAT IS TÜPRAŞ?

With a total annual crude oil processing capacity of 30 million tons across its four refineries in İzmit, İzmir, Kırıkkale, and Batman, Tüpraş is not only Turkey's largest industrial company and a leading player in the energy sector, but also the 7th largest refinery company in Europe and one of the most complex refineries in the Mediterranean basin. Privatized in 2006 and transferred to Koç Holding, Tüpraş produces petroleum derivatives such as fuel products, bitumen, fuel oil, jet fuel, kerosene, LPG, and motor oil.

HISTORY OF TÜPRAŞ

The Turkish Petroleum Corporation (PETKUR) was established with Decree Law No. 60 on public economic enterprises, published on May 20, 1983. With the same decree, it was decided to establish TÜPRAŞ. Thus, TÜPRAŞ began its operations as a public economic enterprise under the subsidiary of PETKUR.

With Decree Law No. 233, published on June 18, 1984, the existence of PETKUR was terminated. TPAO was elevated from subsidiary status and replaced PETKUR. This time, TÜPRAŞ continued its activities as a state economic enterprise (KİT) under the subsidiary of TPAO.

TÜPRAŞ was attached to the Privatization Administration on July 5, 1990, thus taking the first step toward its privatization.

With the law published on October 28, 1983, it was decided to attach İPRAŞ, the Batman Refinery, the İzmir Refinery, and the Kırıkkale Refinery, which was under construction, to TÜPRAŞ. On November 16, 1983, TÜPRAŞ separated from TPAO and began its operations as a semi-private company affiliated with the Ministry of Energy.

News Source: 12punto

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