Turkey's Ipragaz forecasts Brent oil prices to range between $65-$70 in the first half 2018 and below $65 per barrel in the second half of the year, the company's CEO Eyup Aratay said on Tuesday.
Aratay told Anadolu Agency that Ipragaz expects a stabilized oil price graphic by the end of this year.
"Brent oil is one of the most important factors in our price formation. But, even if supply and demand basically determine crude oil prices, other factors such as disturbances in geographical regions, the possibility of conflicts, maintenance times of refineries and failures cause a change in the price graphic of Brent in the short run," Aratay said.
He said that for 2018, the company predicts that the price of Brent oil will be stable on the international stage provided there is no major conflict environment or possibility of war.
"When we look with these 'glasses', we think that the price of Brent in the first half of 2018 will range between $65 - $70 and in the second half of the year, it will be around $65 and below $65," he noted.
With regards to the Turkish economy, he said that it grew more than 5 percent in 2017, and he expects further positive growth in 2018.
"We don't expect a serious move in exchange rates. Turkey's investment climate will improve this year. We also expect that Turkey's energy demand will increase and it will bring infrastructure investments," he said.
Ipragaz will continue preparations to have strategic growth targets in line with Turkey's growth in 2018, he said.
"We are operating in four different segments of energy: LPG, natural gas, electricity and fuel oil. In 2018, we will mainly focus on our fuel oil branch," Aratay said
He shared that Ipragaz' fuel oil business in 2018 will see a major injection in investment including its fuel oil brand GO.
"Ipragaz started this year with 125 licensed stations and we aim to have around 200 by the end of this year," he said.
"We have made organizational changes in our sales organization and plan to channel our investments in the fuel oil sector this year," Aratay said.
He added that Ipragaz aims to grow in line with increased market development and Turkey's greater energy needs in other segments also.
Ipragaz is a leading Turkish LPG company founded in 1961.
(Anadolu Agency)
