Turkey''s petroleum giants increase net profit

Turkish Petroleum Refineries Company, or TUPRAS, the largest industrial enterprise in Turkey with a total of 28.1 million tons annual crude oil processing capacity and Petkim Petrochemical Holding Inc. folded their profit in the first half of 2014.

Petkim recorded a rise in its profit tenfold in the second quarter of the year, while TUPRAS raised 226 percent in the year-on-year comparison in the first half.

The exchange rate and the downward trend of the price of naphtha, Petkim's raw material, effected the profit of the second quarter, the company said in a written statement.

''The profit increased to TL 18.27 million that was in below the expectations, due to the reduction of operational performance and the contraction in the margins,'' the company said.

TUPRAS increased its net profit of TL 869 million in the first half of 2014 in comparison with the same period last year.

The Corporate Communications Department of TUPRAS said in a written statement that the petrol price was increased to $111 per barrel, due to the geopolitical risks in the region.