In a strategic shift that bodes well for Nigeria’s oil export ambitions, Turkey’s largest refinery, Tüpraş, has placed fresh orders for Nigerian crude, with deliveries scheduled for March and April.
This move positions Tüpraş—a key player in the global refining industry—as a new and significant buyer of Nigerian oil, reinforcing Nigeria’s efforts to ramp up exports and meet its 2025 budget goals.
A Strategic Win for Nigeria’s Economy
With crude oil contributing approximately 90% of Nigeria’s foreign exchange earnings and expected to fund 56% of the federal budget this year, the new order from Tüpraş could provide crucial support to the country’s fiscal strategy.
According to Kpler, a global commodity tracking firm, the cargoes have been confirmed, though the exact volumes were not disclosed. The deliveries are expected to arrive within a two-month window, potentially injecting fresh momentum into Nigeria’s foreign revenue stream.
This development sends a positive signal to investors and policymakers, as Nigeria looks to increase crude production and broaden its buyer base to stabilize the economy.
Tüpraş Diversifies Its Crude Sources
Tüpraş, which operates four major refineries across Turkey—in Kocaeli, İzmir, Kırıkkale, and Batman—has a combined refining capacity of 30 million tons per year. Traditionally reliant on Russian oil, the company has recently diversified its sources, expanding procurement to include Nigeria, Guyana, Libya, and Norway.
This diversification is part of a broader strategy to safeguard refinery operations and ensure energy security, especially amid ongoing geopolitical shifts.
Russian Oil Resumes Amid Sanction Pressures
Interestingly, Tüpraş has also resumed imports of Russian crude, after a brief suspension triggered by the G7-imposed price cap and associated sanctions following Russia’s invasion of Ukraine.
Before the pause, Russian oil accounted for about 65% of Turkey’s total crude imports between January and November 2024, according to the Turkish energy regulator.
Reuters reports that Tüpraş is scheduled to receive at least two cargoes of Russian Urals crude for April loading. One of the shipments, carried by the Nissos Christiana tanker, departed Russia’s Ust-Luga port on April 3, loaded with roughly 730,000 barrels, and is expected to dock at Izmit—home to one of Tüpraş’s largest refineries—on April 21.
Balancing Global Partnerships
As global energy markets continue to shift amid sanctions, supply disruptions, and fluctuating demand, Tüpraş is clearly balancing its oil imports between traditional suppliers like Russia and new partners such as Nigeria.
For Nigeria, the deal represents more than just a sale—it signifies increased global confidence in its oil sector, the potential to attract more buyers, and a valuable boost as the country aims to strengthen its economy and achieve its fiscal targets for 2025.
