The Turkish oil refining giant Tupras resumed purchases of Russian Urals oil in April after a hiatus caused by U.S. sanctions. The company returned to importing this grade of oil as its price fell below the $60 per barrel threshold set by the G7 group. Tupras has already acquired three batches of 100,000 tons each from the Baltic ports of the Russian Federation.
This is reported by Business • Media
Over the past year, the company imported 225,000 barrels of Russian oil daily, making Russia one of Turkey’s key suppliers. Following the invasion of Ukraine, the country accounts for 65% of Turkey’s crude oil and petroleum product imports.
Prospects for Energy Cooperation between Turkey and Russia
“Gazprom” is discussing the possibility of further cooperation with Turkey as the terms of important contracts with the state company Botas are set to expire. This pertains to the supply of 16 billion cubic meters of gas annually through the “Blue Stream” pipeline and 5.75 billion cubic meters through the “TurkStream”. Additionally, the expiration of several agreements with private natural gas importers is expected at the end of 2025 and the beginning of 2026.
Last year, Turkey imported 52 billion cubic meters of natural gas, of which 21 billion cubic meters came from Russia. To date, Turkey’s gas transportation system is the only route for gas supply from Russia to Europe.