CEO’s Assessment


Dear Shareholders and Stakeholders,

We witnessed crucial developments on a global and national scale in 2023. We mobilised together as a country after the earthquake of February 6, a source of profound sorrow in Türkiye. We will continue to heal our wounds in unity and solidarity with all our strength and overcome the hardships that this period has brought us.

We will continue to provide support through our company, shareholders, subsidiaries, colleagues, business partners, non-governmental organisations of which we are members, and managers.

After a challenging year for the whole world, we welcomed 1 million customers daily with our approximately 1,170 dealers and nearly 20,000 frontline employees at Shell & Turcas, the top brand in the fuel sector, in partnership with Shell, which celebrated its 100th anniversary of operations in Türkiye this year. We maintained our leading position in under-canopy sales with a 21.5% market share thanks to our 5.2 million m³ of fuel sales volume while strengthening our non-fuel sales with the retail services we offer through Shell Select stores. In 2023, we attained a total retail sales of 13.5 million coffees, 5.5 million sandwiches, and 5.4 million bakery products. In 2024, we plan to reinforce our retail sales with a target of 18.3 million coffees, 7 million sandwiches, and 6.4 million bakery products. Thanks to the agreement signed with TOGG and its subsidiary TRUGO regarding the electric vehicle fast charging units to be installed at Shell stations across Türkiye, our investments to serve electric vehicles nationwide continue at full speed.

At our subsidiary in the electricity sector, RWE&Turcas, we continue to play an active role by meeting more than 1% of our country’s energy demand with an efficiency rate of 58% at our 800MW Denizli Natural Gas Combined Cycle Power Plant built with state-of-the-art technology and the periodic major maintenance of which was completed in 2023.

Turcas Petrol closely monitors and evaluates innovations that will benefit our society and carry it forward with all its strength as it completes the 100th anniversary of our most precious heritage, the Turkish Republic. In particular, we follow investment opportunities in areas close to our existing business activities, in addition to global energy technologies and renewable energy opportunities. We are also searching for new ways to improve our products through technological innovations to play an active role in the fight against climate change.

We established our sustainability strategy in the past year and published our first Sustainability Report. On behalf of our Board of Directors, I wish to extend my sincere thanks to my esteemed colleagues and all our stakeholders who accompany us with great devotion as we continue to take our steps towards the future by considering sustainability and social and environmental impacts.

With my sincere regards,

CEO and Board Member

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