Faith Nyasuguta
Nigeria’s oil export prospects have received a major boost as Turkey’s largest oil refinery, Tupras, has placed fresh orders for Nigerian crude, with deliveries confirmed for April and possibly beyond. This move marks a strategic realignment in Turkey’s energy import choices and signals growing interest in Nigerian oil from a critical international buyer.
The deal, reported by The Punch and tracked via global commodity intelligence firm Kpler, suggests that Tupras is now diversifying its sources of crude oil, engaging new partners like Nigeria while also resuming purchases from Russia. Though the exact volume of Nigerian oil ordered has not been disclosed, shipments are expected within a multi-week window starting this month, underscoring the deal’s immediate relevance to Nigeria’s economic objectives.
The Nigerian government sees this development as a timely step toward achieving its 2025 fiscal targets. With crude oil accounting for 90% of Nigeria’s foreign exchange earnings and projected to fund 56% of this year’s federal budget, such international partnerships are essential for sustaining economic momentum. As Nigeria works to ramp up crude production, strategic buyers like Tupras could become valuable long-term partners in stabilizing export revenue.
The Tupras corporation,Turkey’s largest oil refining company, operates four major refineries across Kocaeli, Ä°zmir, Kırıkkale, and Batman. Together, these facilities boast a total refining capacity of 30 million tons annually. In recent months, Tupras has adjusted its import strategy, moving beyond long-standing suppliers to include crude oil from emerging sources such as Nigeria, Guyana, Libya, and Norway.
This diversification comes as Tupras simultaneously resumes imports of Russian crude oil, which had been suspended in early February due to mounting Western sanctions. Following Russia’s invasion of Ukraine, the G7 imposed a price cap on Russian oil, creating financial and logistical challenges for importers. Under pressure, Tupras had initially scaled back its Russian imports, but it is now carefully reintroducing Russian crude into its supply mix.
According to Turkey’s energy regulator, Tupras was the leading importer of Russian oil in 2022, with Russian crude making up about 65% of Turkey’s oil imports between January and November 2024. Reuters reports that at least two cargoes of Russian Urals crude are now scheduled for April delivery to Tupras. One of them, aboard the Nissos Christiana tanker, departed Russia’s Ust-Luga port on April 3 with around 730,000 barrels and is expected to reach Tupras’s Izmit refinery by April 21. This refinery alone has a daily processing capacity of 225,800 barrels.
With shifting dynamics and the need for stable supply chains, Tupras appears to be tactically balancing risk and opportunity. By engaging with Nigeria and simultaneously reintroducing Russian supplies, Turkey is positioning itself to maintain refining operations without over-reliance on any single source. For Nigeria, this partnership not only strengthens its export base but also brings fresh momentum to its broader economic recovery plans.
RELATED:
