FAAL YET RAPORU ANNUAL REPORT. Brought to you by Global Reports

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1 FAAL YET RAPORU ANNUAL REPORT 2002

2 çindekiler Contents Vizyon ve Misyon Vision and Mission Statement Finansal Göstergeler Financial Highlights Finansal De erleme Financial Assessment Sermaye ve Ortakl k Yap s Capital and Shareholding Structure Hisse Senedi Performans Stock Performance K saca Petrol Ofisi Petrol Ofisi in Brief Yönetim den Mesaj Letter from the Management Yönetim Kurulu Board of Directors Denetim Kurulu Board of Auditors Yönetim Kadrosu Management Team Petrol Ürünleri Da t m Sektörü The Fuels Distribution Sector 2002 Y l nda Sektördeki Geliflmeler Developments in the Sector in 2002 Petrol Ofisi nin Sektördeki Yeri Petrol Ofisi and the Fuels Distribution Sector 2002 Y l Faaliyetleri Operations in 2002 stasyon Sat fllar Retail Sales Akaryak t Kazanç Sistemi "Automatic" The Fuel Advantage System - Automatic Marka Ba l l - Prodizel Dizelciler Kulübü ve Banka Kartlar Brand Loyalty - Prodizel Dizel Fun Club and Bank Cards Ticari ve Endüstriyel Sat fllar Commercial and Industrial Sales Havac l k Sat fllar Aviation Sales Deniz Sat fllar Marine Sales Madeni Ya Üretimi, Pazarlama ve Sat fllar Lubricants Production, Marketing and Sales kmal ve Lojistik Supply and Logistics Akaryak t kmali Fuel Supply Fiyatland rma Pricing Deniz Filosu ve Tafl ma Tanker Fleet and Transportation Depolama Tesisleri Storage Depots Sa l k, Emniyet ve Çevre (SEÇ) Health, Safety, Security and Environment (HSSE) Yat r mlar Investments Destek Hizmet Faaliyetleri Support Services Müflterek Hizmetler Shared Services nsan Kaynaklar Human Resources Hukuki Konular Legal Affairs Ba ms z Denetim Raporu, Finansal Tablolar ve Dipnotlar Independent Auditors Report, Financial Statements and Notes to Financial Statements Adresler Directory

3 V ZYON VISION Dinamik ve etkin yönetim prensipleri ile akaryak t da t m sektöründeki Our vision is multi-faceted; we strive to be a leading energy company in alternative energy areas liderli ini sürdürürken, alternatif enerji alanlar na girerek bir enerji flirketine while continuing to focus on all aspects of customer satisfaction. We will maintain our leadership dönüflmek ve bütün faaliyetlerinde müflteri duyarl l n ön planda tutmak; in the fuels distribution sector by utilizing dynamic and effective management principles and topluma ve çevreye sayg l bir flirket sorumlulu u tafl yarak tüm sosyal remaining fully conscious and aware of our responsibilities toward the community and the paydafllar n ve tüketicilerin bir numaral tercihi olmak. environment. Our ultimate goal is to be the first choice of all social groups and customers. M SYON MISSION Akaryak t istasyon a n gelifltirmek ve iyilefltirmek, To improve the retail station network, stasyonlar n perakende verimlili ini art rmak, To enhance retail efficiency, Büyüme potansiyeli olan alanlarda kar marj ve performanslar yüksek ürünler gelifltirmek, To develop products with high profit margins and performance targeting potential growth markets, Bayi sadakatini güçlendirmek, To strengthen dealer loyalty, Endüstriyel sat fllarda müflteri portföyünü geniflletmek, To expand the customer portfolio in industrial sales, Tüm organizasyonun maliyet performans n art rmak, To enhance the cost performance of the entire organization, Rekabet üstünlü ü yaratarak sat fl hacmini ve pazar paylar n art rmak. To increase sales volume and market share by creating a competitive edge.

4 F NANSAL GÖSTERGELER FINANCIAL HIGHLIGHTS (milyon TL) (TL millions) Dönen Varl klar / Current Assets Duran Varl klar / Long-Term Assets Aktif Toplam / Total Assets K sa Vadeli Borçlar / Current Liabilities Uzun Vadeli Borçlar / Long-Term Liabilities Özsermaye / Shareholders Equity Net Sat fllar / Net Sales Brüt Sat fl Kar / Gross Profit Esas Faaliyet Kar / Operating Profit Net Dönem Kar / Net Profit ,361,837, ,779,625 1,110,656, ,911,320 2,120,087, ,690,945 3,230,743, ,513,641 2,083,492,170 12,180, ,981, ,996, ,269,687 4,173,616, ,049, ,096, ,700, ,745, ,596, ,045,598

5 Ülkemizde kurulan ilk ulusal petrol flirketi olan Petrol Ofisi 60 y ld r genifl pazarlama a ve 1,029 personeli ile As Turkey s first national fuel distribution company, Petrol Ofisi has been meeting the fuels needs of public and private tüketicilerin, resmi ve özel kurulufllar n ülke s n r içindeki tüm akaryak t enterprises and consumers for 60 years with a current workforce of 1,029 personnel and through an extensive gereksinimini karfl lamaktad r. marketing network. F NANSAL DE ERLEME FINANCIAL ASSESSMENT (milyon TL) (TL millions) VÖK (Vergi Öncesi Kar) / Profit Before Tax 256,913, ,045,598 - Net Finansman Geliri / - Net Financial Income * 36,593,840 27,121,807 + Amortisman Gideri / + Depreciation and Amortization 21,113,119 44,864,064 + K dem Tazminat Karfl l / + Retirement Pay Provision (Y ll k ayr lan karfl l k) / (Charge for the Year) 7,705,979 4,477,468 FVAÖK / EBITDA (Faiz, Vergi ve Amortisman Öncesi Kar) / (Earnings Before Interest, Tax, Depreciation and Amortization) 249,138, ,265,323 Net Sat fllar / Net Sales 4,173,616,151 6,361,837,431 FVAÖK Marj (%) / EBITDA Margin (%) * Net faiz geliri + Net kambiyo geliri / Net interest income + Net foreign currency income

6 SERMAYE VE ORTAKLIK YAPISI CAPITAL AND SHAREHOLDING STRUCTURE Ortaklar / Shareholders ( itibariyle / As of December 31, 2002) %4.12 %4.12 %3.72 Do an fiirketler Grubu Holding A.fi. / Do an Group of Companies Holding Inc. Türkiye fl Bankas A.fi. / flbank %39.90 %48.14 Camifl Yat r m Holding A.fi. / Camifl Investment Holding Inc. Camifl Madencilik A.fi. / Camifl Mining Inc. Do an Enerji Yat r mlar Sanayi ve Ticaret A.fi. / Do an Energy Investments Industry & Trade Inc. Halka Aç k K s m / Free Float Ortaklar / Shareholders Pay Oran / Share (%) Pay Tutar / Nominal Value (TL) Do an fiirketler Grubu Holding A.fi. / Do an Group of Companies Holding Inc ,525,460,657,704 Türkiye fl Bankas A.fi. / flbank ,720,385,170,240 Camifl Yat r m Holding A.fi. / Camifl Investment Holding Inc ,402,548,146,280 Camifl Madencilik A.fi. / Camifl Mining Inc ,402,548,146,280 Do an Enerji Yat r mlar Sanayi ve Ticaret A.fi. / Do an Energy Investments Industry & Trade Inc ,805,096 Halka Aç k K s m / Free Float ,390,423,074,400 Toplam / Total ,441,386,000,000

7 Sermaye Piyasas Kurulu nun onay ile yap lmas na karar verilen ça r sonucunda bir adet A grubu hisse senedi için With the approval of the Capital Markets Board, it was decided that Petrol Ofisi shares be collected from the market upon 6,850 TL ödenmifl ve Petrol Ofisi nin halka aç kl k oran %3.7 ye gerilemifltir. notice to shareholders. For each Group A share, an amount of TL 6,850 was paid and free float decreased to 3.7%. Sermaye Yap s Petrol Ofisi nin ç kar lm fl sermayesi iki gruba ayr lm fl olup, hisselerin hissedarlar aras nda sermayeleri oran nda paylaflt r lm fl hali itibariyle afla daki flekildedir: Capital Structure Petrol Ofisi s issued capital has been divided into two groups. The distribution of issued capital amongst shareholders as of December 31, 2002 is as follows: Grubu Sermaye Miktar (TL) Türü Hisse Adedi Group Amount of Capital (TL) Type Number of Shares A 123,696,279,140,000 Hamiline / Bearer 123,696,279,140 B 128,745,106,860,000 Nama / Registered 128,745,106,860 Toplam / Total 252,441,386,000, ,441,386,000

8 SERMAYE VE ORTAKLIK YAPISI (DEVAM) CAPITAL AND SHAREHOLDING STRUCTURE (CON T) 2002 y l nda tamam özelleflen Petrol Ofisi 27 Aral k 2002 itibariyle fl Do an Petrol Yat r mlar A.fi. ile devrolmak sureti Petrol Ofisi, totaly privatized in 2002, merged with fl Do an Petroleum Investments Inc. on December 27, 2002 by way of ile birleflmifltir. acquisition y l n n Mart ay nda Petrol Ofisi nin 50 trilyon TL olan ç kar lm fl sermayesinin %16.5 ine tekabül eden ve Özellefltirme daresi Baflkanl na ait 8,250 milyar TL nominal de erli A grubu hisse senetleri yurtiçinde ve yurtd fl nda bulunan yat r mc lara fl Yat r m Menkul De erler A.fi. arac l ile her 1,000 TL nominal de erli bir adet A grubu hisse senedi için 30,000 TL halka arz sat fl fiyat ndan sat lm flt r. Böylece fiirket in halka aç kl k oran %23.2 ye ç km flt r. Özellefltirme Yüksek Kurulu nun tarih ve 2002/41 say l karar ile Ö B portföyünde kalan bakiye %25.8 oran ndaki hamiline yaz l A grubu Petrol Ofisi hissesinin fl Do an Petrol Yat r mlar A.fi. ye MKB Toptan Sat fllar Pazar nda, MKB kurallar çerçevesinde sat fl n n gerçekleflmesine, sat fl fiyat n n Ö B nin Mart 2002 döneminde Petrol Ofisi halka arz nda uluslararas yat r mc lara uygulad 30,000 TL üzerinden yap lmas na, sat lan hisse miktar n n büyüklü ü dikkate al narak, ilk ödemenin %30 peflin olarak hisselerin tesliminde, izleyen ödemelerin ise peflin ödeme ile ayn tarihlerde olmak üzere üç y lda %20, %30 ve %20 olarak yap lmas na, kalan tutara y ll k Tüketici Fiyat Endeksi art fl üzerinde art fl n %5 i oran nda ilave yaparak (12 ayl k TÜFE *1.05) bulunacak oranda faiz uygulanmas na, uygulanacak dönem olarak sat fl n gerçekleflti i aydan önceki aydan bafllayarak 12 ayl k dönemin dikkate al nmas na karar verilmifltir. Hisse Sat fl Sözleflmesi, Ö B ve fl Do an Petrol Yat r mlar A.fi. aras nda tarihinde imzalanm fl olup, söz konusu hisselerin MKB Toptan Sat fllar Pazar nda sat fl tarihinde gerçekleflmifltir. Bu ifllemler sonucunda fl Do an Petrol Yat r mlar A.fi. nin ortakl k sermayesindeki pay %76.8 e ulaflm flt r. In March 2002, Group A shares of Petrol Ofisi, equivalent to 16.5% of the TL 50 trillion issued capital, amounting to TL 8,250 billion and held by the Privatization Administration, were offered to domestic and foreign investors by fl Investment Securities Inc. Sale of these shares, at a price of TL 30,000 per share whose nominal value is TL 1,000 each, increased the free float to 23.2%. Pursuant to the resolution of the Privatization High Council dated July 16, 2002, and numbered 2002/41, it was concluded that the remaining 25.8% of bearer shares in the portfolio of the Privatization Administration be sold to fl Do an Petroleum Investments Inc. on the ISE Wholesale Market within the framework of ISE Regulations. The sale price per share was set at TL 30,000 as applied for foreign investors by the Privatization Administration at the public offering in March Considering the large volume of the transaction, it was decided that a 30% down payment be made upon delivery of the shares and the succeeding payments to be made in three consecutive years at the same date of the down payment at 20%, 30% and 20%. Interest would be applied for the remaining balances on the basis of the increase in the yearly Consumer Prices Index plus 5% of the increase (12-month CP I*1.05), and the interest application period would be 12 months beginning from the preceding month of the actual sales. The Share Transfer Agreement was signed on July 31, 2002, by the Privatization Administration and fl Do an Petroleum Investments Inc. and the sale of the aforesaid shares was realized on the ISE Wholesale Market on August 8, Consequently, the share of fl Do an Petroleum Investments Inc. in Petrol Ofisi increased to 76.8%.

9 Petrol Ofisi nin tarihli Yönetim Kurulu Toplant s nda, ç kar lm fl sermayenin 178,671,297,019,562 TL ola anüstü yedek akçelerden, 17,879,153,138,777 TL duran varl k yeniden de erleme de er art fl fonundan, 3,449,549,841,661 TL maliyet art fl fonundan karfl lanmak suretiyle toplam 200 trilyon TL (%400) bedelsiz art r larak 50 trilyon TL den 250 trilyon TL ye yükseltilmesine karar verilmifltir. Petrol Ofisi Yönetim Kurulu nun tarihli toplant s nda; Oto LPG ticareti ve yat r mlar, LPG da t m faaliyetleri ile ham petrol ve petrol ürünleri ticareti yapan, ayr ca akaryak t da t m flirketi hüviyeti kazanmak için Petrol flleri Genel Müdürlü ü nezdinde giriflimlerde bulunan fl Do an Petrol Yat r mlar A.fi. ile Petrol Ofisi faaliyetleri büyük ölçüde örtüfltü ünden her iki flirketin birleflmesi halinde yarat lacak sinerji ve tasarruflar de erlendirmek üzere çal flmalar yap lmas ve süreç içindeki tüm geliflmelerden kamuoyunun bilgilendirilmesi hususunda Genel Müdürlü ün yetkili k l nmas na oybirli i ile karar verilmifltir tarihlerinde Londra da, tarihinde fiirket merkezinde, muhtemel bir birleflmenin yasal süreci ve flirketlerin faaliyetlerine olas etkileri hakk nda gerek yat r mc lar n, gerek kamuoyunun bilgilendirilmesi amac yla "Petrol Ofisi A.fi. ve fl Do an Petrol Yat r mlar A.fi. Birleflme Projesi Hakk nda Bilgilendirme Toplant s " organize edilmifltir. fl Do an Petrol Yat r mlar A.fi., tarih ve say l Yönetim Kurulu karar ile Petrol Ofisi hisse senetlerinin ortaklara ça r yoluyla toplanmas do rultusunda karar alm fl ve Sermaye Piyasas Kurulu nun onay ile ifllemler tarihleri aras nda fl Yat r m ve D fl Yat r m koordinasyonunda gerçeklefltirilmifltir. Her 1,000 TL nominal de erli bir adet A grubu At the meeting of the Board of Directors held on September 19, 2002, it was resolved that the issued capital be increased by TL 200 trillion through issuance of bonus shares to TL 250 trillion (400%) from TL 50 trillion; TL 178,671,297,019,562 to be covered by extraordinary reserves, TL 17,879,153,138,777 by revaluation surplus on fixed assets, TL 3,449,549,841,661 by the cost increase fund. At the Board meeting held on September 30, 2002, it was unanimously decided that studies be carried out to evaluate the synergy and savings to be attained in the case of a merger between Petrol Ofisi and fl Do an Petroleum Investments Inc. whose activities are, to a large extent, similar. fl Do an Petroleum Investments Inc. is involved in auto LPG trade and investments and LPG distribution activities in addition to crude oil and petroleum products trade. fl Do an Petroleum Investments Inc. has applied to the Petroleum Affairs General Directorate to become a fuels distribution company. The Board also decided that the General Management be authorized to inform the public on these studies and the developments at all phases of the anticipated merger process. Meetings were organized in London on October 16-17, 2002, and on October 22, in the Head Office for the Petrol Ofisi Inc. / fl Do an Petroleum Investments Inc. Merger Project to provide information to the investors and the general public about legalities and the probable effects of the anticipated merger on both companies. With the resolution of the fl Do an Petroleum Investments Inc. Board dated November 17, 2002, and numbered , it was decided that Petrol Ofisi shares be collected from the market upon notice to shareholders; the transaction was completed between

10 SERMAYE VE ORTAKLIK YAPISI (DEVAM) CAPITAL AND SHAREHOLDING STRUCTURE (CON T) hisse senedi için 6,850 TL ödenen ça r sonucunda fl Do an Petrol Yat r mlar A.fi. nin ortakl k sermayesindeki pay %96.3 e ulafl rken, halka aç k k s m oran %3.7 ye gerilemifltir. Sermaye Piyasas Kurulu nun tarihli karar ile Petrol Ofisi nin fl Do an Petrol Yat r mlar A.fi. ile Türk Ticaret Kanunu nun 451 inci maddesi ile Kurumlar Vergisi Kanunu nun 37, 39 uncu maddeleri hükümlerine göre devralma suretiyle birleflmesine onay verilmifltir. Petrol Ofisi nin tarihinde yap lan Ola anüstü Genel Kurul toplant s nda, fiirket kay tl sermaye tavan n n 250 trilyon TL den 385 trilyon TL ye yükseltilmesine, fl Do an Petrol Yat r mlar A.fi. nin tarihi itibariyle mevcut tüm aktif ve pasiflerinin bir kül halinde devir al nmas suretiyle ad geçen flirketle TTK nun 451 ve Kurumlar Vergisi Kanunu nun 37, 38 ve 39. maddeleri hükümlerine uygun olarak birleflmesine, birleflme nedeniyle flirkete intikal eden fl Do an Petrol Yat r mlar A.fi. mal varl nedeniyle ç kar lm fl sermayenin 2,441,386 milyon TL art r larak 250 trilyon TL den 252,441,386 milyon TL ye yükseltilmesine karar verilmifltir. November 22 and December 9, 2002, with the approval of the Capital Markets Board and through the coordinating efforts of fl Investment and D fl Investment. For each Group A share, with a nominal value of TL 1,000 an amount of TL 6,850 was paid; the share of fl Do an Petroleum Investments Inc. thereby increased to 96.3%, while free float decreased to 3.7%. Upon resolution by the Capital Markets Board dated December 24, 2002, the merger of Petrol Ofisi with fl Do an Petroleum Investments Inc. through take-over was approved pursuant to Article 451 of the Turkish Commercial Code and to Articles 37 and 39 of the Corporate Tax Law. At the Extraordinary General Assembly of Petrol Ofisi held on December 27, 2002, it was resolved that the registered capital ceiling of the Company be increased from TL 250 trillion to TL 385 trillion, that the merger with fl Do an Petroleum Investments Inc. be realized pursuant to Article 451 of the Turkish Commercial Code and to Articles 37, 38 and 39 of the Corporate Tax Law through take-over of the Company wholly with all its assets and liabilities as of September 30, 2002, and that the issued capital be increased by TL 2,441,386 million to TL 252,441,386 million from TL 250 trillion, as a result of the assets of fl Do an Petroleum Investments Inc., transferred to Petrol Ofisi with the merger.

11 H SSE SENED PERFORMANSI STOCK PERFORMANCE Petrol Ofisi hisse senedinin MKB de 2002 y l ndaki performans, toplam ifllem hacmi ve hisse senedinin borsa ifllem hacmi içindeki pay afla da verilmifltir: Trend in the Petrol Ofisi stock price, total transaction volume and share of total transactions on the Istanbul Stock Exchange (ISE) in 2002 are as follows: Petrol Ofisi Hisse Senedi Fiyatlar (TL) fllem Hacmi (Milyar TL) Petrol Ofisi Stock Prices (TL) Transaction Volume (TL billions) En Yüksek En Yüksek Kapan fl Petrol Ofisi MKB-100 % Pay Highest Lowest Closing Petrol Ofisi ISE-100 Share % Ocak / January 10,400 13,400 11,200 1,009 3,081, fiubat / February 6,900 11,400 7, ,511, Mart / March 5,600 7,400 5,800 7,235 2,164, Nisan / April 5,600 6,600 6,000 13,203 2,493, May s / May 5,200 6,200 5,400 5,531 1,623, Haziran /June 4,550 5,600 4,800 5,271 1,480, Temmuz / July 4,450 5,900 5,500 13,239 3,271, A ustos / August 4,750 5,800 5,000 8,066 2,381, Eylül / September 3,550 4,950 3,700 6,919 1,565, Ekim / October 3,200 4,150 3,700 66,998 3,079, Kas m / November 3,650 7,000 6,800 80,796 7,783, Aral k / December 6,400 7,700 6,900 9,562 3,515, / ,200 13,400 6, ,623 33,953, de Petrol Ofisi Hisse Senedi Fiyat ve MKB-100 Endeksi Petrol Ofisi Stock Price and ISE-100 Index in 2002 Petrol Ofisi (TL) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 MKB-100 Endeksi ISE-100 Index 20,000 15,000 10,000 5,000 Petrol Ofisi MKB-100 ISE /01/02 16/01/02 30/01/02 13/02/02 27/02/02 13/03/02 27/03/02 10/04/02 24/04/02 08/05/02 22/05/02 05/06/02 19/06/02 03/07/02 17/07/02 31/07/02 14/08/02 28/08/02 11/09/02 25/09/02 09/10/02 23/10/02 06/11/02 20/11/02 04/12/02 18/12/02

12 KISACA PETROL OF S PETROL OFISI IN BRIEF Petrol Ofisi, Genel Müdürlük ve alt bölge müdürlü ü, 3,850 akaryak t istasyonu, yaklafl k 4,500 bayisi, iki madeni ya Operating out of the Head Office and six regional offices, Petrol Ofisi has 3,850 service stations, approximately 4,500 fabrikas, 25 hava ikmal ünitesi, dokuz tesisat, iki depo, bir rafineri irtibat müdürlü ü ve üç madeni ya deposu ile dealers, six regional offices, two lubricants blending plants, aviation services at 25 airports, nine terminals, two faaliyetlerini sürdürmektedir. depots, one refinery liaison office and three lubricants depots. Petrol Ofisi, kamu ve özel sektör kurulufllar ile nihai tüketicilerin gereksinimi için petrol ve petrol ürünleri sat n almak, ithal etmek ve ülkenin çeflitli yerlerinde stoklar oluflturup pazarlamas n yapmak amac yla, 1941 y l nda 2.5 milyon TL sermaye ile kurulmufltur. Anonim flirket statüsüne 1983 y l nda 3.7 milyar TL sermaye ile kavuflan fiirket, 5 Eylül 1990 tarihinde özellefltirilmek üzere Baflbakanl k Özellefltirme daresi Baflkanl na ba lanm flt r. Petrol Ofisi nin sat fl, 21 Temmuz 2000 de imzalanan anlaflma ile, Türkiye deki en büyük özellefltirme uygulamalar ndan biri olarak gerçekleflmifltir. Petrol Ofisi ndeki %51 lik kamu hissesi, 1,260,000,000 ABD dolar karfl l nda Türkiye fl Bankas ve Do an fiirketler Grubu nun oluflturdu u Ortak Giriflim Grubu na devredilmifltir. Petrol Ofisi, Genel Müdürlük ve alt bölge müdürlü ü, 3,850 akaryak t istasyonu, yaklafl k 4,500 bayisi, iki madeni ya fabrikas, 25 hava ikmal ünitesi, dokuz tesisat, iki depo, bir rafineri irtibat müdürlü ü ve üç madeni ya deposu ile faaliyetlerini sürdürmektedir. Kay tl sermayesi 385 trilyon TL olan Petrol Ofisi nin ç kar lm fl sermayesi 2002 y l nda 50 trilyon TL den trilyon TL ye art r lm flt r. fiirket in 2002 y l sonu itibari ile aktif toplam 3,230,743 milyar TL, özsermayesi ise 389,270 milyar TL olarak gerçekleflmifltir. Ayn y l içinde fiirket 6,361,837 milyar TL net sat fl gerçeklefltirmifl ve net kar 228,046 milyar TL ye ulaflm flt r. Petrol Ofisi was founded in 1941 with a capital of TL 2.5 million. Its goal was to meet the petroleum product needs of motorists as well as public and private enterprises through activities that included purchasing, importing and stockpiling petroleum products in various parts of the country. In 1983, with a capital of TL 3.7 billion, the Company was incorporated and on September 5, 1990, it was placed under the authority of the Prime Ministry Privatization Administration for full privatization. On July 21, 2000, Petrol Ofisi became one of Turkey s largest privatizations to date, with 51% of its shares purchased by Ortak Giriflim Grubu (Joint Venture Group) made up of Türkiye fl Bankas and Do an Holding, for US$ 1,260 million. Operating out of the Head Office and six regional offices, Petrol Ofisi has 3,850 service stations, approximately 4,500 dealers, six regional offices, two lubricants blending plants, aviation services at 25 airports, nine terminals, two depots, one refinery liaison office and three lubricants depots. With a registered capital of TL 385 trillion, the Company increased its paid-in capital from TL 50 trillion to TL trillion in As of the end of 2002, assets totaled TL 3,230,743 billion and shareholders equity amounted to TL 389,270 billion. With sales of TL 6,361,837 billion during 2001, Petrol Ofisi s net profit rose to TL 228,046 billion.

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14 YÖNET M DEN MESAJ LETTER FROM THE MANAGEMENT 2002 y l sonlar na do ru ald m z stratejik bir karar do rultusunda, gelecekte, Petrol Ofisi ni bir da t m flirketi olmaktan In line with our strategic decision taken at the end of 2002, we shall take significant steps to become more than just a öte bir enerji flirketi yapma konusunda ciddi ad mlar ataca z. fuels distribution company and make Petrol Ofisi an energy company. Türkiye yi etkileyen ekonomik kriz, 2002 y l nda da devam etmifl ve y l içinde önemli boyutlara varan dalgalanmalar yaflanm flt r y l nda enflasyon ve faiz oranlar öngörülen seviyelerde kalm fl, ihracat önceki y l meydana gelen devalüasyonun da etkisi ile artmay sürdürmüfl ve özellikle ihracata yönelik olarak sanayi üretimi yükselmifltir. Bütün bunlar y l n ilk yar s nda piyasalarda olumlu ve iyimser bir hava yaratm flt r. Ancak y l n ikinci yar s ndan itibaren üçlü koalisyon hükümetinde bafl gösteren uyumsuzluklar ve baflbakan n sa l na iliflkin endifleler piyasalar hareketlendirmifl ve faiz oranlar %35-%40 seviyelerinden %80 lere kadar yükselmifltir. Hükümetin erken seçim karar almas piyasalarca olumlu alg lanm fl ve faiz oranlar nda bir miktar düflme gözlemlenmifltir. Seçimlerin sonucunda tek partili bir hükümetin kurulmas da iyimserli in tekrar artmas na neden olmufltur. Ancak y l sonuna gelindi inde ABD nin olas Irak operasyonunun bu iyimserli i tehdit etmeye bafllad ve dünya ekonomilerinde sürmekte olan durgunlu un ise ihracatç lar n önüne yeni zorluklar ç kard görülmektedir. Sektörümüzü ilgilendiren geliflmelere bakt m zda, dünyan n önde gelen petrol üreticilerinden Venezüella da bafl gösteren grevlerin ve olas Irak operasyonunun petrol fiyatlar n art rmas, ülkemizde ise, s n r ticaretinin ortadan kalkmas ile sat fllar n kontrol alt na al nmas 2002 y l na damgas n vuran geliflmeler olmufltur. Yurtiçi motorlu araç piyasas ndaki talebin büyük ölçüde düflmesi nedeniyle yerli araç üreticileri yeni modellerle ihracata yönelmifller ve bu konuda çok baflar l olmufllard r. Y l içinde kurflunsuz benzinde pazar yaklafl k %8 büyümüfl, sat fllar n kay t alt na al nmas n n da etkisi ile motorin pazar %5 büyürken, süper benzin talebinde %14 bir daralma yaflanm flt r. Siyah ürünlerde de %6 l k daralma meydana gelirken, madeni ya sat fllar ise 2002 y l nda, bir önceki y la göre %8 oran nda artm flt r y l sonlar na do ru ald m z stratejik bir karar do rultusunda, gelecekte, Petrol Ofisi ni bir da t m flirketi olmaktan öte bir enerji flirketi yapma konusunda ciddi ad mlar ataca z. Sadece petrol ürünlerinin da t m ile ilgilenmek yerine bu ürünlerin üretimi konusunda da yat r mlar yaparak global piyasalara aç l m hedefliyoruz. Entegrasyona giderek rafinaj sektörüne ve LPG domestik pazar na girmek gelecekteki planlar m z aras nda yer almaktad r. Bunun için gerekli sermaye gücüne, uzun y llar n getirdi i deneyime ve bu at l m baflarabilecek güçlü bir kadroya sahip oldu umuza inan yoruz. Petrol Ofisi olarak, benzin sat fl m z bir önceki y la göre bir puan art rarak %26.6 pazar pay na, motorin sat fl m z ise %8 art rarak %35.9 pazar pay na ulaflt k. Jet A-1 uçak yak t ndaki pazar liderli imizi 2002 y l nda da koruduk. Modernlefltirme çal flmalar na devam ederek 311 istasyonumuz "Gümüfl Projesi" kapsam nda yenilendi ve böylece yeni görünümlü istasyon say m z 808 e yükseldi. Y l içinde 21 yeni istasyon anlaflmas yapt k, yedi istasyon transfer ettik. Oto LPG alan nda Petrol Ofisi nin kar paylafl m na ortak oldu u istasyon say s 600 e ve bu istasyonlar n d fl nda "PetroGaz" markas ile sat fl yapan istasyon say m z 168 e yükseldi. Filo sahiplerine yönelik uygulad m z otomatik yak t sat fl program "AutoMatic"in, kapsam n bir y l gibi k sa bir sürede 50 yeni istasyon ekleyerek, 150 istasyonu, 280 müflteriyi ve 5,337 arac kapsayacak flekilde genifllettik. Y l içinde att m z önemli ad mlardan biri de Do rudan Akaryak t Teslimat (DAT) program olmufltur. DAT kapsam nda 361 bayimize ürün teslimat fiirketimiz nakliyesi ve kalite güvencesi alt nda direkt Economic difficulties affecting Turkey continued in 2002, resulting in significant fluctuations throughout the year. During the year, inflation and interest were kept at anticipated levels; export volume continued to increase, due in part to the devaluation and fostering growth especially in export-oriented production. All these factors created an air of optimism in the markets during the first half of the year. However, due to the lack of harmony within the three-party coalition, coupled with concern about the Prime Minister s health, uneasiness emerged in the markets and interest rates increased to 80% up from 35-40%. The government s decision to call for early elections, led to some reduction in interest rates. The one-party government established after the elections reactivated market optimism. At the end of the year, however, exporters encountered new difficulties due to the stagnation prevailing in the world economies and the threat of a probable US operation against Iraq. Developments affecting our sector in 2002 are; increased oil prices as a result of the strikes in Venezuela, a leading global oil producer, the probability of an attack against Iraq and the prohibition of border trade that brought controls to sales of petroleum products in our country. Due to a significant decrease in domestic demand for motor vehicles, domestic manufacturers focused on exports and attained successful results through the introduction of new models. During the year, the unleaded gasoline demand expanded by approximately 8%, and diesel fuel demand by 5% as a result of proper recording of sales after border trade ended, while the demand for premium gasoline decreased by 14%. The market for black products has shrunk by 6%, while sales of lubricants increased by 8% in 2002, as compared to the previous year. In line with our strategic decision taken at the end of 2002, we shall take significant steps to become more than just a fuels distribution company and make Petrol Ofisi an energy company. Our vision is to become a global energy company open to world markets while making investments for the production of petroleum products concurrent to that objective. Our future plan is to enter the refining sector and the domestic LPG sector. We believe that we possess the capital strength, long years of experience and first class professionals that are required to achieve our goal. During the year, Petrol Ofisi increased its market share of gasoline sales by one point to 26.6% and diesel fuel sales by 8% to 35.9%, while maintaining our leadership position in Jet A-1 fuels. We continued our modernization efforts and upgraded 311 stations within the scope of the "Silver Project"; the total number of restructured stations has increased to 808. In 2002, 21 new station agreements were concluded, seven stations were transferred. The number of stations making auto LPG sales, where Petrol Ofisi participates to profits, increased to 600 while stations operating under the PetroGaz brand totaled 168. AutoMatic, the automatic fuel sales program for fleet owners has expanded by 50 stations in a short period of one year and now includes 150 stations, 280 customers and 5,337 vehicles. One of the remarkable developments in 2002 was the launch of the Direct Fuel Delivery (DAT) program. Under this program, direct delivery of products to 361 dealers was realized from our terminals utilizing our own tanker fleet and under our quality assurance. We anticipate rapidly increasing the number of these dealers in the near future. The aim of this program is to control product quality at all stages and never to compromise on quality.

15 Vural AKIfiIK Ertu rul TUNCER istasyonlar nda gerçeklefltirilmifltir. Bu say y önümüzdeki günlerde h zla art rmay planl yoruz. Bu program n amac, ürün kalitemizin her aflamada kontrol alt nda tutulmas ve kaliteden hiç bir flekilde ödün verilmemesidir. Madeni ya konusunda 10 adet yeni ürünü imal etmeye bafllad k ve ihracat m z 16 ülkeye yayg nlaflt rd k. Y l içinde 17 orijinal ekipman üreticisinden (OEM) kalite onay alarak bu alanda bafllatt m z geliflmeleri sürdürdük. Yine y l içinde ISO 9000:2001 Kalite Yönetim Sertifikas n alm fl olmam z petrol sektöründe bir ilki temsil etmektedir. Kurum içi ve d fl e itim programlar na h zla devam edilmifltir. Müflterinin "aya na giderek" hizmet sunan Petrol Ofisi, Nisan 2002 de faaliyete bafllayan Madeni Ya E itim TIR ile 2002 y l n n sonuna kadar toplam 10,888 tüketici ve teknik personele madeni ya konusunda e itim vermifltir. E itim TIR m z en uzak yerlerdeki müflterilerimize ve istasyonlar m za dahi ulaflarak kurum kültürümüzün ve kalite anlay fl m z n yayg nlaflt r lmas na hizmet etmektedir. Yat r mlar m za hiç ara vermeden devam ediyoruz. Y l içinde madeni ya fabrikam zda modernizasyon yat r mlar yap lm fl, laboratuarlar m z uluslararas standartlara kavuflturulmufltur. kmal-lojistik konusundaki yat r mlar m z kapsam nda, Derince ve skenderun tesisatlar m z n operasyon flartlar iyilefltirilmifl, Derince de depremde hasar görmüfl olan iskelemiz yenilenmifl ve 30,000 DWT kapasiteli gemilerin yanaflmas na elveriflli bir hale getirilmifltir. Antalya da 2003 y l nda hizmete girecek olan yeni tesisat n inflaat na devam edilmifltir. K r kkale de bulunan m3 depolama kapasiteli M-Oil tesisat sat n al nm flt r. Rakip firmalara tesisat ve depolar m zdan hizmet verilmeye devam edilmifltir y l ndaki bir di er önemli geliflme, fiirketimizin ortakl k yap s n n de iflmesidir. Mart ay nda yap lan ikincil halka arz kapsam nda Özellefltirme daresi nin elindeki pay ndan sermayemizin %16.5 ine tekabül eden bölümü halka aç lm flt r. Ülkemizdeki ikinci en büyük halka arz olan bu ifllemde Özellefltirme daresi 170 milyon ABD dolar sat fl geliri elde etmifltir. Özellefltirme daresi portföyünde kalan bakiye %25.8 lik pay ise yine mevcut ortaklar taraf ndan tarihinde yap lan anlaflma ile MKB Toptan Sat fllar Pazar nda, MKB kurallar çerçevesinde sat n al nm flt r. Yak n bir gelecekte global bir enerji flirketi olman n tüm gereklerini s rayla birbir yerine getirme azmi içinde olan Petrol Ofisi olarak bizlerin yapaca daha çok ifl var. Baflarma azmimizin yan s ra siz say n hissedarlar m z, bayilerimiz, de erli çal flanlar m z ve di er ifl ortaklar m z bizim arkam zdaki en önemli gücümüzsünüz. Sizlere tek tek teflekkür ediyor, deste inizin gelecekte de devam n arzuluyoruz. Sayg lar m zla, We introduced 10 new lubricants and expanded our exports to 16 countries. We obtained the quality approval of 17 Original Equipment Manufacturers (OEM) and continued our efforts in this regard. In 2002, Petrol Ofisi earned the sector s first ISO 9000:2001 Management Certificate. Internal and external company training programs continued during the year. Within the concept of delivery to the doorsteps of customers, Petrol Ofisi offered training programs to a total of 10,888 consumers, employees and technicians utilizing the Lubricants Training TIR, a specially adapted vehicle, which became operational in April The Training TIR, which functions as a classroom on wheels supports the dissemination of our corporate culture and quality concept, accessing customers and filling stations throughout the country. During the year, we continued our investments uninterruptedly. Investment for the modernization of the lubricants plant was initiated and laboratories were renovated to conform to international standards. Within the context of supply and logistics investments, operating conditions at Derince and Iskenderun terminals were improved and the earthquake-affected Derince jetty was reconstructed making it suitable for vessels of 30,000 DWT to dock. The construction of the Antalya terminal, anticipated to become operational in 2003, continued. A storage capacity of 20,000 cubic meters was acquired at the M-Oil terminal at K r kkale. Petrol Ofisi terminals and depots continued to render service to competitors. A further significant development in 2002 was the change in the shareholding composition of our Company. With the secondary public offering made in March, 16.5% of our capital, held by the Privatization Administration, was offered to the public. This transaction, the second largest public offering scheme in our country, generated a sales income of US$ 170 million for the Privatization Administration. The remaining 25.8% share in the portfolio of the Privatization Administration was acquired through an agreement made on July 31, 2002, by the current shareholders with sales realized on the ISE Wholesale Market, within the framework of the ISE rules. We are determined to meet all necessary requirements to become a global energy company in the near future. To accomplish this we, at Petrol Office, have to work diligently to achieve success, knowing that our distinguished shareholders, dealers, invaluable staff and business partners are our most significant sources of strength. We would like to use this opportunity to thank you all and reconfirm our intention to do everything possible to retain your continuing support. Sincerely, Vural AKIfiIK Yönetim Kurulu Baflkan Chairman of the Board Ertu rul TUNCER Genel Müdür General Manager

16 YÖNET M KURULU BOARD OF DIRECTORS Vural Ak fl k Yönetim Kurulu Baflkan Chairman 1944 do umlu olan Vural Ak fl k, ODTÜ Ekonomi Bölümü'nü bitirdikten sonra, ayn üniversitenin Matematik Bölümü'nde Yüksek Lisans n tamamlad y llar aras nda Kaliforniya Üniversitesi'nde Ö retim Üyeli i yaparken ayn üniversitenin statistik Bölümü'nde doktora e itimini de tamamlayarak doktor unvan ald. Bankac l a 1976 y l nda Pamukbank'da Genel Müdür Yard mc s olarak bafllayan Ak fl k, 7 fiubat 2003 tarihinde Petrol Ofisi Yönetim Kurulu Baflkanl 'na atand. Born in 1944, Vural Ak fl k received his undergraduate degree in Economics and graduate degree in Mathematics from the Middle East Technical University. Between 1970 and 1975 he completed his Ph.D. in Statistics at California University while working as a faculty member. He started his career at Pamukbank as an Assistant General Manager in He currently holds the position of Chairman of Petrol Ofisi since February 2, 2003 and Executive Board Member at Do an Holding. Caner Çimenbiçer Yönetim Kurulu Baflkan Vekili Deputy Chairman 1952 do umlu olan Caner Çimenbiçer, Orta Do u Teknik Üniversitesi dari Bilimler Fakültesi flletme Bölümü mezunudur y l nda Türkiye fl Bankas Teftifl Kurulu Baflkanl nda Stajyer Müfettifl Yard mc s olarak göreve bafllayan Caner Çimenbiçer, 1983 y l nda Muhasebe Müdür Yard mc l na, 1986 y l nda Muhasebe Grup Müdürlü ü ne, 1987 y l nda da Muhasebe Müdürlü ü ne atanm flt r y l nda fl Bankas Genel Müdür Yard mc l na terfi eden Caner Çimenbiçer, 1998 y l nda 1. Genel Müdür Yard mc l na yükselmifltir. Born in 1952, Caner Çimenbiçer is a graduate of the Faculty of Business Administration at the Middle East Technical University. He started his professional career at Türkiye fl Bankas as intern assistant internal auditor in He was appointed as Assistant Manager of the Accounting Department in 1983, as Accounting Group Manager in 1986 and finally as the Accounting Manager in In 1990, he was promoted to the rank of Assistant General Manager and later to First Assistant General Manager in Ertu rul Tuncer Yönetim Kurulu Üyesi ve Genel Müdür Member and General Manager 1939 do umlu olan Ertu rul Tuncer, Robert Kolej de flletme ve Ekonomi e itimi ald y llar aras nda e itimine Almanya da devam etti y l nda, Mobil de saha yöneticisi olarak göreve bafllad y l nda Türkiye Mobil in ilk Türk Genel Müdürü oldu y l nda Mobil ve BP flirketlerinin birleflmesi ile BP-Mobil fiirketleri Genel Müdürlü ü ne ve BP Türkiye nin baflkanl na getirildi y l n n Temmuz ay nda Petrol Ofisi Genel Müdürlü ü görevini üstlenen Ertu rul Tuncer ayn zamanda fiirket in yönetim kurulu üyesidir. Born in 1939, Ertu rul Tuncer is a graduate of the School of Business Administration and Economics at Robert College. He continued his study in Germany between 1963 and He joined Mobil as a Territory Manager in He was appointed as the first local General Manager of the Mobil Companies in Turkey in Upon the joint venture between Mobil and BP, he was appointed as the General Manager of BP Mobil Fuels Joint Venture, and the Associate President of BP Turkey in Since July 2000, he assumes the position of Chief Executive Officer (CEO) and Board Member of Petrol Ofisi. Adnan Bali Üye Member 1962 do umlu olan Adnan Bali, 1986 y l nda Ortado u Teknik Üniversitesi Ekonomi Bölümü nü bitirmifltir. Harvard Üniversitesi nin Global Liderlik program na kat lan Adnan Bali, mezuniyeti sonras nda Türkiye fl Bankas nda profesyonel ifl hayat na bafllam flt r. Bankada s ras yla Müfettifl Yard mc s, Fon Yönetimi Müdür Yard mc s, Fon Yönetimi Grup Müdürü ve Fon Yönetimi Müdürü görevlerinde bulunan Adnan Bali halihaz rda fl Bankas n n fiiflli fiubesi Müdürü dür. Born in 1962, Adnan Bali is a 1986 graduate of the Faculty of Economics at Middle East Technical University. After having participated in the Program for Global Leadership at Harvard University, Adnan Bali started his professional career at flbank. He served as Assistant Internal Auditor, Assistant Manager at the Treasury Department, Group Manager at the Treasury Department and finally the Manager of the Treasury Department. Currently, he is the Manager of flbank s fiiflli Branch. mre Barmanbek Üye Member 1942 do umlu olan mre Barmanbek, Ankara Üniversitesi Siyasal Bilimler Fakültesi'nden ekonomi ve finans derecesiyle mezun olmufltur. Barmanbek, 1998 y l nda Do an Grubu Mali fller Grup Baflkan olmufl, son olarak da 1999 y l nda Genel Koordinatörlük ve halen sürdürmekte oldu u Yönetim Kurulu Murahhas Üyeli i görevin getirilmifltir. Born in 1942, mre Barmanbek graduated from Ankara University, Faculty of Political Sciences with a degree in economics and finance. She joined Do an Group as the Financial Coordinator and became Chief Financial Officer in She was finally named the CEO and Executive Member of th Board in 1999.

17 Özgün Ç nar Üye Member Tufan Darbaz Üye Member shak fiengül Üye Member Yahya Üzdiyen Üye Member 1969 do umlu olan Özgün Ç nar, Ankara Üniversitesi Siyasal Bilgiler Fakültesi flletme Bölümü nü 1990 y l nda bitirmifltir. Lisansüstü derecesini 1999 y l nda University of Southampton dan alan Özgün Ç nar, Türkiye fl Bankas çal flan olarak mesleki hayat na devam etti i süre içinde yurtiçinde ve yurtd fl nda çok say da e itim program na kat lm flt r. Özgün Ç nar halihaz rda fl Bankas fltirakler Müdürlü ü nde Müdür Yard mc s görevini sürdürmektedir. Born in 1969, Özgün Ç nar is a graduate of the Department of Business Administration at the Political Sciences Faculty of Ankara University in He obtained his Masters Degree from the University of Southampton in He participated in numerous training programs in and out of the country during his employment at flbank. Currently, he serves as an Assistant Manager at flbank s Subsidiaries Department do umlu olan Tufan Darbaz, Bo aziçi Üniversitesi, Muhasebe ve Finans Bölümü nden lisans derecesiyle mezun oldu. Yüksek lisans derecesini stratejik planlama alan nda skoçya Strathclyde Üniversitesi'nden ald y l nda Lassa'da stratejik planlama uzman olarak Sabanc Grubu'na kat ld ve 1987 y l nda Holding in Planlama ve Yat r m Departman Müdür Yard mc s oldu. Haziran 2001'de, Genel Koordinatör vekili olarak Do an Holding'e geçti ve 1 Ocak 2003 itibariyle Do an Holding cra Baflkanl görevine atanm flt r. Born in 1953, Tufan Darbaz graduated from Bosphorus University with a BA degree in accounting and finance. He received his Masters Degree in Strategic Planning from Strathclyde University in Scotland. He joined the Sabanc Group as a strategic planning expert in Lassa in 1983 and became the Assistant Director of the Planning and Investment Department of the Holding company in In June 2001, he joined Do an Holding as Deputy CEO and January 1, 2003, he was appointed the CEO of Do an Holding Ankara do umlu olan shak fiengül, Ankara ktisadi Ticari Bilimler Akademisi mezunudur. Halen fl Bankas fltirakler Grup Müdürü olarak görev yapan fiengül, ifl yaflam na 27 sene önce fl Bankas nda bafllam flt r. Born in 1950, shak fiengül is a graduate of Academy for Economic and Commercial Sciences at Ankara University. He started his career at flbank 27 years ago. Currently he serves as the Subsidiaries Group Manager at flbank do umlu olan Yahya Üzdiyen, 1980 y l nda ODTÜ dari limler Fakültesi flletme Bölümü nden mezun oldu y l ndan 1996 y l na kadar özel sektörde çeflitli kurulufllarda d fl ticaret ve yat r m konular nda uzman ve yönetici olarak çal flt y l bafl ndan bu yana Do an fiirketler Grubu Holding A.fi. de Proje ve Yat r mlar Koordinatörlü ü nün yan nda bir çok Grup flirketinde Yönetim Kurulu Üyesi olarak görev yapmaktad r. Born in 1957, Yahya Üzdiyen is a graduate of the Faculty of Business Administration at the Middle East Technical University in Between 1980 and 1996, he worked in several private sector companies as an expert and later as top level manager in the area of foreign trade and investments. In 1997, he joined Do an fiirketler Grubu Holding as Projects and Investments Coordinator. In addition to this post, he also serves as a Board member in several Do an Group companies. DENET M KURULU BOARD OF AUDITORS Murat Bilgiç Üye / Member, Zeynep Hansu Önem Üye / Member, H. Cem Kölemeno lu Üye / Member

18 YÖNET M KADROSU MANAGEMENT TEAM 16 Soldan Sa a / Left to Right: Eflref ÜNSAL Akaryak t Pazarlama Direktörü / Fuels Marketing Director, Reha TALU kmal ve Lojistik Direktörü / Supply and Logistics Director, Tamer ÖZDAMAR Madeni Ya Direktörü / Lubricants Director, Ertu rul TUNCER Genel Müdür / General Manager, Hüseyin KEÇEC Müflterek Hizmetler Direktörü / Shared Services Director, CFO Petrol Ofisi

19 PETROL ÜRÜNLER DA ITIM SEKTÖRÜ THE FUELS DISTRIBUTION SECTOR 2002 y l nda sektördeki da t m flirketleri taraf ndan yaklafl k 17.4 milyon m3 beyaz ürün ve 4.8 milyon ton siyah ürün In 2002, distribution companies marketed approximately 17.4 cubic meters of white product and 4.8 million metric tons pazarlanm flt r. Y l içinde kurflunsuz benzinde pazar talebi yaklafl k %8, motorinde ise %5 büyürken, of black product. During the year, the demand for unleaded gasoline increased by approximately 8%; süper benzinde sektördeki daralma 2002 y l nda devam etmifltir. the demand for diesel fuel increased by 5% while the demand for premium gasoline continued to fall Y l nda Sektördeki Geliflmeler Türkiye tarihinin en büyük ekonomik küçülmesinin yafland 2001 y l ndan sonra, özellikle kamu harcamalar ndaki art fl, sanayi ve turizmdeki k p rdanma ile 2002 y l nda Türkiye ekonomisi bir büyüme sürecine girmifltir. Buna ra men benzin talebi daralmaya devam ederek bir önceki y la göre %4 küçülmüfltür. Bunun en büyük sebebi; gelirleri daralan, beyaz yakal lar olarak tabir edilen benzin tüketicisi kesimin, zorunlu ihtiyaçlar d fl ndaki harcamalar ndan tasarrufa devam etmesidir. A ustos ay ndan itibaren, di er benzin türlerine göre nispeten ucuz olan kurflunlu normal benzinin üretiminin Tüprafl taraf ndan durdurulmas talep daralmas nda etkili olmufltur. Motorin talebi ise tar m ve sanayi üretiminin olumlu katk s na ra men sadece %5 büyümüfltür. Turizmdeki canlanmaya paralel olarak artan uçak seferleri ile jet yak t talebi %4 büyürken, evlerde do algaz tüketiminin yayg nlaflmas sebebiyle kalorifer yak t kullan m azalmaya devam etmifltir. Madeni ya pazar ndaki büyüme ise %8 olarak gerçekleflmifltir. Talepte yaflanan bütün bu geliflmelere ilave olarak artan fiyatlar ve 4 Nisan 2002 de ç kar lan Kararname ile da t m karlar büyük ölçüde erozyona u ram flt r. Bir y l önce %10.5 seviyesinde olan bayi ve da t m flirketinin toplam kar marj, iki puan eriyerek %8.5 lere gerilemifltir. Artan fiyatlar nedeni ile iflletme sermayelerinin yetersiz kalmas ve akaryak t al mlar nda kredi kart n n yayg nlaflmas ile düflük kar marjlar birleflti inde, akaryak t sektöründe faaliyet gösteren tüm iflletmeler zor durumda kalm flt r. Sektörde yaflanan bütün bu olumsuzluklara ra men, akaryak t da t m kurulufllar n n say s nda h zl bir art fl görülmüfl ve da t m flirketi say s 18 e ulaflm flt r. Ayr ca hiçbir akaryak t da t m flirketine ba l olmadan çal flan "Beyaz Bayrakl stasyon" say s 2,500 ü bulmufltur. Meslek ahlak kurallar içinde rekabetin, hem sektöre hem de ülkeye fayda getirece i gerçe inin yan s ra bu kurallar n d fl na ç karak haks z rekabete neden olan ve Developments in the sector in 2002 Year 2001 will be remembered as the year of the greatest economic contraction in Turkish history; in 2002 however, the Turkish economy enjoyed renewed growth especially as a result of increased public expenditures and the upward momentum in industrial and tourism sectors. Despite this trend, the demand for gasoline decreased by 4% compared to the previous year. The main reason was that the gasoline customers, mainly the white-collar people, continued their savings except for expenditures for basic needs. In August, Tüprafl ended its production of regular leaded gasoline, a rather cheap product compared to other products, which contributed to the shrinkage in demand. In spite of increased agricultural and industrial production, the demand for diesel fuel rose only 5%. Due to increased flights, paralleling revitalization in the tourism sector, the demand for jet fuel increased by 4%. As a result of the escalating use of natural gas, the demand for home heating oil continued to fall while growth in the lubricants market reached 8%. In addition to similar changes in demand, rising prices and the Governmental Decree of April 4, 2002, eroded distribution profits to a large extent. Both dealer and distribution company profit margins fell by two points, from 10.5% to 8.5%. This decrease, when coupled with low profit margins due to widespread usage of credit cards in retail fuel sales, all fuel distribution companies, which in general have insufficient working capital, encountered difficulties. Despite the adversities prevailing in the sector, the number of distribution companies increased swiftly and reached 18, while the number of White Flag Stations that work independently from distribution companies, reached 2,500. Bearing in mind that working under rules of professional competitive ethics will benefit both the sector and the country, some regulations are required to restrict companies that do not comply with those rules.

20 18 Petrol Ofisi

21 PETROL ÜRÜNLER DA ITIM SEKTÖRÜ (DEVAM) THE FUELS DISTRIBUTION SECTOR (CON T) Akaryak t da t m kurulufllar n n say s nda h zl bir art fl görülmüfl ve da t m flirketi say s 18 e ulaflm flt r. Ayr ca The number of distribution companies increased swiftly and reached 18, while the number of White Flag Stations that hiçbir akaryak t da t m flirketine ba l olmadan çal flan "Beyaz Bayrakl stasyon" say s 2,500 ü bulmufltur. work independently from distribution companies, reached 2,500. tüketicilerin zarar görmesine yol açan flirketlerin bu pazarda çal flmalar na engel olabilmek için de birtak m düzenlemelerin yap lmas gerekmektedir y l nda sektörde olumlu baz geliflmeler de olmufltur. Bunlardan ilki, 5 Temmuz 2002 tarihinde ç kar lan Bakanlar Kurulu Kararnamesi ve buna ba l olarak 24 Ekim 2002 tarihinde yay nlanan Enerji ve Tabii Kaynaklar Bakanl Tebli i dir. Bu Tebli ile akaryak t sektörüne y llard r arzulanan disiplinin getirilmesi amaçlanmaktad r. Bir di er olumlu geliflme ise, 1 Eylül 2002 den itibaren yürürlü e giren bir kararname ile akaryak t ürünlerinin s n r ticareti kapsam ndan ç kar lmas ve böylece ülkeye Nahcivan ve ran gibi ülkelerden giren motorinin yasaklanmas d r. Ayr ca TPIC kanal yla Irak tan ülkeye giren motorinin sat fl da durdurulmufltur. Irak a uygulanan Birleflmifl Milletler ambargosunu müteakip yöre ekonomisine katk da bulunmak amac yla bafllat lm fl bulunan s n r ticareti, yöre halk ekonomisine s n rl bir katk sa lam fl olmakla beraber, ülke ekonomisine sa lanan bu yarar n çok üstünde zarar vermeye bafllam flt y l nda sektördeki da t m flirketleri taraf ndan yaklafl k 17.4 milyon m3 beyaz ürün ve 4.8 milyon ton siyah ürün pazarlanm flt r. Y l içinde kurflunsuz benzinde pazar talebi yaklafl k %8, motorinde ise %5 büyürken, süper benzinde sektördeki daralma 2002 y l nda devam etmifltir. Siyah ürünlerde de %6 l k pazar daralmas meydana gelirken, madeni ya sat fllar ise 2002 y l nda, bir önceki y la göre %8 oran nda artarak 301,000 ton olarak gerçekleflmifltir. One of the positive developments during the year was the decree by the Council of Ministries on July 5, 2002, followed by the Communiqué from the Ministry of Energy and Natural Resources published on October 24, The purpose of this Communiqué was to bring new controls to the fuel distribution sector, a goal long sought after. On September 1, another governmental decree became effective, which excluded petroleum products from the border trade and prohibited the import of diesel fuel from several countries, including but not limited to Nakhchivan and Iran. Furthermore, the sale of diesel oil imported into Turkey from Iraq via TPIC was stopped. Border trade, which began contributing to the regional economy following the UN embargo to Iraq, has been of some benefit to the people of the region, but it has caused losses far beyond the benefits for the economy. In 2002, distribution companies marketed approximately 17.4 million cubic meters of white product and 4.8 million metric tons of black product. During the year, the demand for unleaded gasoline increased by approximately 8%; the demand for diesel fuel increased by 5% while the demand for premium gasoline continued to fall. The market of black products shrank by 6%, while the sales of lubricants increased by 8%, compared to the previous year and reached 301,000 tons.