Nigerian oil has secured a new export destination as Turkey’s biggest refinery, STAR, places a new purchase order.
BUSINESS INSIDER
Turkey’s largest refinery, SOCAR Turkey Aegean Refinery (STAR), has placed a new order for Nigerian crude oil, boosting Nigeria’s export prospects. This development comes as STAR refinery diversifies its crude sources, partly due to reduced availability from Russia.
According to a Bloomberg report, STAR recently purchased one million barrels of Nigeria’s Amenam blend, marking a significant shift in buying patterns.
The refinery, which previously relied heavily on Russian crude, is adjusting its strategy due to tighter sanctions and limited supply. STAR is owned by Azerbaijan’s state oil company SOCAR and has a capacity of 200,000 barrels per day.
An industry analyst noted, “This is a positive move for Nigeria as it seeks new buyers amid fluctuating global demand.”
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