Turkey resumes energy cooperation with Russia

Turkey resumes energy cooperation with Russia: it buys Russian oil and discusses gas supplies.

Turkish oil refiner Tupras resumed purchasing Russian Urals oil in April, after it stopped buying Russian oil earlier this year due to US sanctions. The company resumed purchases as Urals prices fell below the $60 per barrel limit set by the G7.

For example, Tupras has already purchased three shipments of Urals crude oil of 100,000 tons each, shipped from Russian Baltic ports. Last year, Tupras imported 225,000 barrels of Russian oil per day. Since the invasion of Ukraine, Russia has been supplying 65% of Turkey’s crude oil and petroleum products imports.

Meanwhile, Gazprom is discussing the prospects of cooperation with Turkey, as the contracts with state-owned Botas for the supply of 16 billion cubic meters of gas per year through the Blue Stream pipeline and 5.75 billion cubic meters through the Turkish Stream expire this year. In addition, existing agreements with some private importers will expire in late 2025 or early 2026.

Last year, Turkey imported 52 billion cubic meters of natural gas, including 21 billion cubic meters from Russia. The Turkish gas transportation system is currently the only route for gas supplies from Russia to Europe.