Turkey’s leading oil refiner, Tupras, has placed orders for Nigerian crude oil scheduled for March and April, signaling a strategic move to diversify its supply sources as Nigeria aims to boost its export revenue.
Data from global commodity analytics firm, Kpler, confirms the orders, though specific volumes were not disclosed. The deliveries are expected within a two-month window and come at a time when Nigeria is pushing to meet the oil revenue targets in its 2025 budget, where crude sales are projected to account for 56% of government funding and 90% of foreign exchange income.
Nigeria’s oil export efforts, however, face headwinds. Indonesia, a long-time importer of Nigerian crude, has announced plans to scale back imports from traditional partners while ramping up purchases of U.S. crude and LPG, amounting to around $10 billion. This shift could shrink Nigeria’s share in Southeast Asia’s energy market.
Tupras, meanwhile, is expanding its sourcing options. Alongside Nigeria, the company has placed orders for crude cargoes from Guyana, Libya, and Norway, according to Kpler data. Tupras operates major refining facilities in Izmit and Izmir with a combined daily capacity of 467,300 barrels.
In another strategic pivot, Tupras has resumed importing Russian Urals crude after a temporary suspension prompted by U.S. sanctions. Reuters reports that declining prices—below the $60 per barrel price cap set by the G7, EU, and Australia—made the Russian grade attractive again. This cap also limits access to Western shipping and insurance services for any sales above the threshold.
One confirmed shipment is aboard the Nissos Christiana, which loaded 730,000 barrels of Urals crude from the Baltic port of Ust-Luga on April 3 and is scheduled to arrive at Tupras’s Izmit refinery on April 21. A second cargo is also expected but yet to be confirmed.
Tupras was one of the top buyers of Russian crude following the 2022 Ukraine invasion, with Russian barrels accounting for 65% of Turkey’s crude imports through November 2024. The company suspended Russian imports earlier this year in response to renewed U.S. sanctions but is now re-engaging as market conditions shift.
In a further sign of diversification, Tupras made its first purchase of Brazilian crude last month, reinforcing efforts to reduce reliance on any single supplier.
Global oil demand is projected to grow by 730,000 barrels per day in 2025, despite ongoing geopolitical and economic uncertainties. Nigeria hopes that maintaining a presence in markets like Turkey will help offset losses elsewhere and stabilize its foreign earnings.
Leave a Reply