EBRD supports a major resource-efficient enterprise at Tupras, Turkey
The European Bank for Reconstruction and Development (EBRD) will financially support a major resource-efficient enterprise that will take place at the biggest industrial company in Turkey - the oil refining company Turkiye Petrol Rafinerileri (Tupras). The project will take place within the next two years.
The Turkish oil refining company Tupras is branched in the cities of Izmit, Izmir, Batman and Kirikkale. The investments that are mobilised by the EBRD and the company itself will be put into upgrading the refineries in Izmir and Kirikkale. This upgrading will start soon and is supposed to be finished by 2018.
ERBD will give Tupras a loan of 150 million dollars, which will help the reforms in the company and the fulfilment of the project of building strategy and systems for reducing the use of important resources such as water, heat, and gas.
The programme includes the building and installation of a new on-site thermal power plant and of a waste recovery system. The company has also planned to have hydrocracker unit refurbishments and stack gas treatment. These and other improvements will lower the energy use of the refineries and will reduce CO2 emissions and water use by 270,000 tonnes and 120 million cubic metres per year.
The loan given is part of the holistic green strategy of EBRD Green Economy Transition (GET) that was adopted in 2015. This approach aims at mobilising money into environmentally conscious projects, the EBRD emphasized. The loan has to be paid off within eight years, and it has a three-year grace period. Along with the GET approach, EBRD aims at increasing the volume of its sustainable financing and also at broadening its scope.
The managing director for Energy and Natural Resources at the EBRD Riccardo Puliti emphasized that Tupras’s commitment to high environmental standards is a powerful example for the Turkish industry to start investing in ecological solutions and reforms.
The fact that the biggest industrial company in Turkey has started taking measures for reducing the resource demands of the processes taking place in the company is the first step in the full modernisation and adoption of environmentally conscious technologies and ways of doing work, Puluti explained.
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