Cyprus Mail

Azerbaijan’s SOCAR halts Russian crude supplies to Turkish refinery


The trading arm of Azerbaijan’s state oil firm SOCAR has paused purchases of Russian crude oil for its Turkish refinery as the industry grapples with EU sanctions on shipping and crude, sources familiar with the matter said.

Turkish refineries, including SOCAR’s STAR plant, had increased purchases of Russian crude after Russia’s invasion of Ukraine.

Russian flows to Turkey had already dropped last month to their lowest since February, according to Refinitiv Eikon data, and a source said SOCAR was reviewing the situation in order to remain compliant with Western sanctions.

Related Posts

Cypriot KV Fund looking for pre-seed and seed startups to invest in

Panis Pieri

Cyprus economic sentiment improves, future outlook dim

Kyriacos Nicolaou

Cyprus Business Now

Kyriacos Nicolaou

Cyprus banking system deposits increase by €590 million

Kyriacos Nicolaou

Concessional climate finance: the Bridgetown Initiative

CM Guest Columnist

Industry body clarifies what happens when crypto derivatives crash

Reuters News Service