LUKOIL resumed supplies to refineries in Turkey as part of a deal with SOCAR – Kommersant
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Agency Reuters citing three sources reported that in October LUKOIL (MOEX: LKOH) began supplying oil to the STAR refinery in Turkey, owned by the Azerbaijani SOCAR. According to the agency, supplies are carried out within the framework of a long-term agreement between LUKOIL and SOCAR.
According to the terms of the deal, sources said, LUKOIL will provide SOCAR with a loan in the amount of $1.5 billion. The terms of the deal have not been specified. According to sources, LUKOIL plans to supply approximately 400–500 thousand tons of oil per month to the refinery.
Reuters, citing data from LSEG and traders, writes that at the end of September and beginning of October in Primorsk, three tankers were loaded with LUKOIL oil in the amount of 100 thousand tons each. They are expected to arrive at the STAR terminal by mid-October.
In 2022, STAR average purchased about 400 thousand tons of Russian oil per month. As Reuters notes, since the beginning of 2023, the refinery has reduced the volume of imports of raw materials from Russia, and in August-September it completely suspended purchases, replacing supplies with Kazakh, West African and Iraqi oil.
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