Turkey’s Largest Refinery Orders for Large Quantity of Nigerian Oil
- Tüpraş, Turkey's largest refinery, has grown to be a significant buyer of Nigerian oil
- The refinery has placed further contracts for cargoes that will be delivered in March and April
- Nigeria is encouraged by this development as it looks to increase crude oil output and export sales
Tüpraş, the biggest refinery in Turkey, has become a major consumer of Nigerian oil and has placed additional contracts for cargoes that will be delivered in March and April. This development supports Nigeria's aspirations to export its oil.
Source: UGC
The Punch claims that the transaction was monitored by Kpler, a worldwide commodity data company that verified the shipments but withheld the precise amount. The anticipated time frame for the deliveries is two months.
This progress is encouraging for Nigeria as it seeks to boost export sales and raise crude oil production, two things that are essential to the achievement of its 2025 budget.
Given that oil makes up around 90% of Nigeria's foreign exchange profits and is expected to cover 56% of this year's federal spending, the Tupras agreement might significantly aid the country's economic goals.
With four sizable refineries in Kocaeli, İzmir, Kırıkkale, and Batman, Tüpraş is the biggest oil refiner in Turkey. Together, their combined annual refining capacity is 30 million tons.
According to data from commodity tracking firm Kpler, the company has recently diversified its crude sources beyond traditional suppliers, placing orders for cargoes from Nigeria, Guyana, Libya, and Norway.
Notably, Tüpraş has also resumed purchasing Russian crude after suspending such imports in early February in response to the G7 sanctions following Russia’s invasion of Ukraine.
The company had previously reduced its reliance on Russian oil due to logistical challenges associated with the implementation of the G7-imposed price cap, increased financial risks, and mounting pressure from Western sanctions.
According to Turkey's energy regulator, Tüpraş was one of the largest importers of Russian crude in 2022, with Russian oil accounting for approximately 65% of the country’s total oil imports between January and November 2024.
Source: Getty Images
Reuters reports that Tüpraş is scheduled to receive at least two cargoes of Russian Urals crude for April loading.
One of these is already en route: the Nissos Christiana tanker loaded roughly 730,000 barrels from Russia’s Baltic port of Ust-Luga on April 3 and is expected to arrive on April 21 at Izmit, home to one of Tupras’s major refineries with a daily capacity of 225,800 barrels.
As geopolitical tensions and market dynamics continue to evolve, Tüpraş appears to be strategically balancing its energy imports, resuming Russian supplies while also engaging with new partners such as Nigeria in a bid to safeguard its refining operations and meet domestic demand.
Nigeria discovers new crude oil blend
Legit.ng reported that Nigeria’s newest crude oil blend, the medium-sweet Obodo grade, will hit the market in April.
The new blend has a gravity of 27.65 API and a sulphur content of 0.05pc, Argus Media reports.
Sources say the new grade may be priced alongside the Nigerian medium-sweet Bonga blend.
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Source: Legit.ng
