Banks   Oil  

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.

News No: 3170
Date: 2019/01/06 - 06:22
News Source: Financial Tribune

Turkey  crude oil  US sanctions  STAR refinery  Halkbank 


Leave a Comment:


UK Crude Loadings Continue to Fall

The UK’s crude oil loadings remained below 800,000 barrels per day for the third month in a row in February, while authorities expect Britain’s crude production to decline through at least 2024, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime and Trade at IHS Markit, said.

Pakistan Asks ECO President for Help to Link Railways with Iran, Turkey

Islamabad is eyeing the help and cooperation of the Economic Cooperation Organization (ECO) in restoring rail network among Islamabad, Tehran, Istanbul and central Asian countries.

Renault to Return to Iran: Deputy Minister

An Iranian deputy minister said French carmaker Renault SA will return to Iran after it halted cooperation with Iranian companies under the US sanctions.

NIOC Hunting for Ships to Keep Exporting Oil

National Iranian Oil Company is discreetly scouring the globe for second-hand oil tankers to replace its ageing fleet and keep crucial crude exports flowing as US sanctions start to bite, Iranian and western sources said.

Indian Ferrous Scrap Imports Rise 16% in CY18

India world’s third-largest ferrous scrap importer after Turkey and South Korea has witnessed a rise of 16% Y-o-Y in ferrous scrap imports in CY18. As per customs data, India imported 5,285,427 MT ferrous scrap in CY’18 as against 4,568,471 MT recorded in CY’17.

Official: Iran, Syria Hold Talks to Confront US Sanctions

A senior Syrian economic official underlined Iran's big role in reconstruction efforts in his country, saying that Tehran and Damascus have held a series of meetings to confront the US sanctions.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners