Tupras general manager Yavuz Erkut said that the upgrade is expected to be completed by the end of 2014.

Launched in 2011, the residuum upgrade project (RUP) aims to enhance the 11 million ton per annum Izmit refinery’s conversion capacity while allowing it to process heavier and higher sulfur content crude oils.

Reuters quoted Erkut as saying: "We will hold an official opening on Dec. 15. At the start of January we aim for all units in the plant to be online.

Upon completion of the upgrade project, the refinery is expected to process approximately 4.2 million tons of low value fuel oil annually to meet the demands in Turkey.

Additionally, the refinery will produce 2.9 million tons of diesel, 500-550,000 tons of petrol, 710,000 tons of petroleum coke, 70,000-80,000 tons of liquefied petroleum gas and some jet fuel.

"In our feasibility (study) the fundamental reference is the difference between fuel oil and diesel prices. When you look at that we can see it has maintained the difference in our feasibility."