Turkey Crude Imports Set for Shake-Up
Turkey's crude oil import profile is set for major changes this year following the re-imposition of US sanctions against its main crude supplier, Iran, coupled with the commissioning of Socar's new 214,000 bpd STAR refinery.
Expected to reach nameplate capacity this year, STAR will boost Turkey's crude imports by 40% and, with Iranian oil exports sidelined, the country will need more crude from alternative producers, Platts reported.
Where this crude will come from is far from clear.
For the past decade, Turkey's sole existing refiner, Tupras, whose three refineries process 540,000 bpd of imported crude combined, has been largely dependent on Iran and Iraq.
OPEC's number two and three producers collectively have supplied 83% of crude Turkey has imported since the start of 2013, with most of the remainder sourced from a handful of other suppliers.
Turkey has been granted a 180-day waiver by the US to continue Iranian imports but is obliged to "greatly reduce" volumes. To what extent is unclear, as is whether the waiver applies only to just Tupras or also to STAR.
The previous US sanctions regime allowed Tupras to continue importing Iranian crude under its long-term purchase agreement, at a 20% reduction and on condition that payment remained banked at Turkey's state-owned Halkbank.
source: Financial Tribune
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Gold loses some luster after Trump’s decisive win
Resolute Mining says it will pay Mali $160 million in tax dispute
Russia takes aim at US nuclear power by throttling uranium
Aluminum price to average 6% higher in 2024 on strong demand: Fitch
BHP to spend up to $14 billion on Chilean copper expansion
Trump chooses oil fracking boss as energy secretary
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project