From 2013 to 2023, Turkey's liquefied petroleum gas (LPG) refinery output showed a volatile trend. The refinery output stood at 820.41 thousand TOE in 2013 and experienced fluctuations over the years, reaching 1200 thousand TOE in 2023. Early years, such as 2014, saw a slight decline followed by a significant rise in 2015 and 2016. The period from 2017 to 2022 showed both declines and growths, with a consistent upward trend resuming post-2019. Overall, the last five years reflected an average annual growth rate (CAGR) of 3.2%, indicating a steady increase. The forecasted figures from 2024 to 2028 suggest a moderate growth with a five-year CAGR of 0.63%, reaching 1250 thousand TOE by 2028.
Future trends to watch for include:
- Technological advancements in refining processes enhancing efficiency.
- Shifts in energy policy and regulation affecting production capacities.
- Global market dynamics and oil price volatility impacting export potential.
- Increased investment in renewable sources potentially moderating LPG demand.
- Economic conditions influencing domestic consumption levels.
