TÜPRAŞ aims to invest in new technology startups in the U.S. and Europe to contribute to the energy transformation
Turkey Petroleum Refineries Inc. (TÜPRAŞ) has signed a long-term cooperation contract with the Emerald Industrial Innovation Fund. The company is a subsidiary of Emerald Technology Ventures and invests in new technology companies, the Turkish oil importer confirmed in a statement.
Being a part of the Emerald Industrial Innovation Fund as an investor with the agreement, TÜPRAŞ targets to invest in new technology startups in the U.S. and Europe to contribute to the energy transformation, increase its competitiveness in its current activities.
Refining requires technological maturity
“Modern refining activities include crude oil processing that has a sort of technological maturity in one way, however, those activities also require the use of new technologies such as data analytics, nanotechnology, robot applications, and IoT,” said Levent Zağra, TÜPRAŞ Deputy General Manager for Investments and Planning.
Emerald Managing Partner Gina Domanig said they are partnering with international energy companies for a long time. “With the participation of TÜPRAŞ, we will continue to strengthen our work in the field of industrial technologies in the energy sector,” she underlined.
Emerald invested USD660 million so far
Operating in the fields of energy, water, advanced materials and industrial information technologies with offices in Zurich, Toronto and Singapore, Emerald has placed more than USD 660 million in asset management and more than 60 new technology companies so far.
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