By Tanko Lami
ABUJA, Nigeria (VOICE OF NAIJA)-Turkey’s largest oil refining company, Tupras has placed fresh orders for Nigerian crude oil cargoes scheduled for delivery in March and April.
This move could provide a timely boost to Nigeria’s oil revenue as the country intensifies efforts to expand its export base.
This development, based on shipping data from global commodity analytics firm Kpler, comes even as the exact volume of the Nigerian shipments remains undisclosed. The deliveries, however, are expected within a two-month period.
The move aligns with Nigeria’s broader strategy to ramp up crude exports to support its 2025 fiscal budget.
Crude oil sales remain a critical revenue stream, accounting for nearly 90 percent of Nigeria’s foreign exchange earnings and expected to contribute 56 percent of the current budget funding.
Yet, the country’s oil earnings face growing headwinds amid shifting global demand patterns.
Indonesia, a significant buyer of Nigerian crude, recently announced plans to cut back on imports from other nations, opting instead to boost purchases of U.S. crude and LPG by approximately $10 billion.
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The decision was confirmed by Indonesia’s Energy Minister, Bahlil Lahadalia, during a press briefing on Tuesday.
In addition to Nigeria, Tupras also secured crude cargoes from Guyana, Libya, and Norway for the March-April window, according to Kpler data.
The company runs two major refineries in Izmit and Izmir, with a combined capacity of 467,300 barrels per day, based on information from the London Stock Exchange Group.
Tupras recently resumed imports of Russian Urals crude, marking a return to the Russian market after suspending purchases earlier this year due to tightened U.S. sanctions.
According to a Reuters report citing trading sources and shipping data, the Turkish refiner made the move after prices for Urals crude dipped below the $60-per-barrel threshold — the cap imposed by the G7, European Union, and Australia.
The cap limits access to Western maritime services, such as shipping and insurance, for Russian oil sold above that price.
Since October, the U.S. Treasury has sanctioned multiple tankers believed to be breaching the price ceiling.
Tupras had been among the leading importers of Russian oil following Russia’s invasion of Ukraine in 2022.
Between January and November 2024, Russian crude made up 65 percent of Turkey’s total oil imports.
However, the company halted shipments from Russia in February after fresh U.S. sanctions were rolled out in early January.
Now, trading sources indicate that Tupras is poised to receive at least two cargoes of Urals crude for April loading.
One of the vessels, the Nissos Christiana, reportedly departed from the Baltic port of Ust-Luga with approximately 730,000 barrels on April 3 and is expected to dock at Tupras’s Izmit refinery on April 21, based on Kpler tracking data.
Details of a second cargo are still pending confirmation.
In the meantime, Tupras is actively diversifying its supply sources.
Last month, it secured its first-ever purchase of Brazilian crude as part of a broader strategy to reduce reliance on Russian barrels.
Global oil demand is projected to grow by 730,000 barrels per day this year, though the market remains volatile amid ongoing geopolitical shifts and regulatory developments.