The decision was taken following the company's close evaluation of market opportunities in the context of its aim to expand trade and based on similar moves taken in the market, TUPRAS said.
With the establishment of the London office, the company aims to develop import and export activities and generate further income from expanding its supply and sales chain.
Finalization of preparations for the London office is expected by the end of the year, the company added.
TUPRAS is Turkey’s largest industrial enterprise and the seventh biggest refining company in Europe. It topped Fortune 500 list for Turkey with net sales revenue of 53.9 billion Turkish liras ($14.8 billion) in 2017.
The company has four refineries in Turkey including Izmir, Kocaeli, Kirikkale and Batman with a total crude oil processing capacity of 28.1 million tonnes per year.
It has a 60 percent share in Turkey’s total petroleum fuel products market consisting of gasoline, diesel, fuel oil and jet fuel.
(Anadolu Agency)