Turkish authorities, Turkish companies, and consumers saved USD 2 billion in 2023 on energy bills and fuel supplies due to the import of discounted energy resources from Russia.
Turkey became the largest importer of Russian energy in the western hemisphere after Russia’s invasion of Ukraine, which forced European countries to suspend most of their imports of Russian oil and gas.
China and India imported larger quantities of goods from Russia than Turkey, but Ankara’s proximity to Russian ports lowered transportation costs, allowing Turkish consumers to save more than others.
Russian Urals crude oil deliveries to Turkey reached an all-time high of 400,000 barrels per day in November 2023, accounting for about 14% of Russia’s total seaborne oil exports that month.
It is expected that deliveries to Turkey will increase in the coming months after the Russian oil producer Lukoil signed an agreement with the state-owned Azerbaijani oil company SOCAR to refine up to 200,000 barrels per day at the STAR refinery in Turkey, owned by the Azerbaijani company.
From January to November of this year, the import of Russian diesel, heating oil, jet fuel, and bunker fuel to Turkey increased by 200% compared to the same period last year.
“Turkey is paying USD 25 to USD 150 less per ton for Russian diesel this year compared to the prices offered by other suppliers in the region,” Reuters reported. In the case of oil, the discounts range from USD 5 to USD 20 per barrel.
Analyst Viktor Katona pointed out that Turkish refineries have become some of the most profitable facilities in the Mediterranean region since the sanctions were imposed on Russia in February 2022. Ankara did not join the Western sanctions imposed on Moscow in response to the invasion of Ukraine.
China and India imported larger quantities of goods from Russia than Turkey, but Ankara’s proximity to Russian ports lowered transportation costs, allowing Turkish consumers to save more than others.
Russian Urals crude oil deliveries to Turkey reached an all-time high of 400,000 barrels per day in November 2023, accounting for about 14% of Russia’s total seaborne oil exports that month.
It is expected that deliveries to Turkey will increase in the coming months after the Russian oil producer Lukoil signed an agreement with the state-owned Azerbaijani oil company SOCAR to refine up to 200,000 barrels per day at the STAR refinery in Turkey, owned by the Azerbaijani company.
From January to November of this year, the import of Russian diesel, heating oil, jet fuel, and bunker fuel to Turkey increased by 200% compared to the same period last year.
“Turkey is paying USD 25 to USD 150 less per ton for Russian diesel this year compared to the prices offered by other suppliers in the region,” Reuters reported. In the case of oil, the discounts range from USD 5 to USD 20 per barrel.
Analyst Viktor Katona pointed out that Turkish refineries have become some of the most profitable facilities in the Mediterranean region since the sanctions were imposed on Russia in February 2022. Ankara did not join the Western sanctions imposed on Moscow in response to the invasion of Ukraine.
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