Turkey’s largest oil refinery, Tüpraş, has emerged as a new buyer of Nigerian crude, placing fresh orders for cargoes scheduled for delivery in March and April.
This marks a significant boost for Nigeria’s oil export ambitions as the country seeks to ramp up production and increase foreign exchange earnings.
The transaction, tracked by global commodity data firm Kpler, confirms shipments to Tüpraş but does not specify the exact volumes.
The deliveries, expected over a two-month period, signal growing interest in Nigerian oil from new markets—critical for Nigeria’s 2025 budget, which relies heavily on oil revenues.
Oil accounts for about 90% of Nigeria’s foreign exchange earnings and is projected to fund 56% of the federal budget this year.
As such, securing new buyers like Tüpraş is seen as vital to achieving the government’s fiscal goals.
Tüpraş operates four major refineries across Turkey—in Kocaeli, İzmir, Kırıkkale, and Batman—with a combined refining capacity of 30 million tons per year.
The company has recently diversified its crude sources, placing orders from Nigeria, Libya, Norway, and Guyana, according to Kpler.
In a notable policy reversal, Tüpraş has also resumed purchases of Russian crude oil after halting imports in early February due to G7 sanctions following Russia’s invasion of Ukraine.
The earlier suspension was prompted by mounting financial and logistical risks tied to sanctions and the G7 price cap.
Turkey’s energy regulator reported that in 2022, Russian oil made up around 65% of the country’s crude imports.
Between January and November 2024, Tüpraş remained one of the top importers of Russian crude.
According to Reuters, the company is scheduled to receive at least two cargoes of Russian Urals crude in April.
One of these, transported by the Nissos Christiana tanker, loaded approximately 730,000 barrels from Russia’s Baltic port of Ust-Luga on April 3 and is expected to arrive at Izmit—home to a major Tüpraş refinery—on April 21.
As geopolitical tensions and market dynamics evolve, Tüpraş is strategically balancing its crude supply portfolio—resuming Russian imports while also engaging with new partners like Nigeria.
This approach aims to safeguard its refining operations and ensure consistent energy supply for Turkey’s domestic market.
