Russian Urals oil sales to Turkey in Nov up 38% m/m as STAR refinery increases runs

Turkiye Petrol Rafinerileri AS

27/11/2024 14:06

MOSCOW, Nov 27 (Reuters) - Russian Urals oil supplies to
Turkey's ports in November increased to 9.9 million barrels from
7.4 million barrels in October as its main consumer was back
from outage, LSEG data showed on Wednesday.
    Turkey's STAR refinery, operated by Azerbaijan's SOCAR,
resumed buying Urals as a feedstock after maintenance, the data
showed.
    Turkey which didn't join Western sanctions on Russia
continues to be one of major buyers of Moscow's energy supplies
including crude oil.
    On a daily basis Urals oil supplies to Turkey are up by 38%
in November to 330,000 barrels per day from October, Reuters
calculations showed. November is one day shorter than October.
    STAR oil refinery completed its first major overhaul in
October and resumed full processing, STAR's representative told
Reuters. Following the maintenance the refinery's capacity was
increased by 2% to about 260,000 bpd, or 13 million metric tons
per year.
   STAR refinery is a major buyer of Russian Urals oil in
Turkey: It purchases the volumes both in the spot market and
under term contracts.
    For several months this year Urals oil arrivals to STAR's
Nemrut Bay terminal were close to its capacity - around 200,000
bpd, according to LSEG data.
    Russia's Lukoil is a major supplier to the refinery under a
deal signed last year. 
    Turkey's large refiner Tupras also purchases Urals oil for
its refineries in Izmir and Izmit.
    India remains a top destination for Urals oil cargoes in
November accounting for over 60% of cargo arrivals so far this
month, LSEG data and Reuters calculations showed.
    Meanwhile, China's buying of Urals oil grades remains
reserved with just a few cargoes or about 5% of the grade's
supply heading to Chinese ports.
    China's oil imports have been declining for six months in a
row affected by weak refining margins and slower than expected
economic growth. China remains top buyer of Russian Far Eastern
oil grades located in closer proximity to its ports: ESPO Blend,
Sokol and Sakhalin Blend.

 (Reporting by Reuters reporters in MOSCOW; additional reporting
by Nailia Bagirova in BAKU;)