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Türkiye Cuts Russian Urals Oil Imports in November, Diversifies with Kazakh, Iraqi Supply

Rosneft's Russian-flagged crude oil tanker Vladimir Monomakh transits the Bosphorus in Istanbul, Türkiye , July 6, 2023. REUTERS/Yoruk Isik//File Photo P
Rosneft's Russian-flagged crude oil tanker Vladimir Monomakh transits the Bosphorus in Istanbul, Türkiye , July 6, 2023. REUTERS/Yoruk Isik//File Photo P
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Türkiye Cuts Russian Urals Oil Imports in November, Diversifies with Kazakh, Iraqi Supply

Rosneft's Russian-flagged crude oil tanker Vladimir Monomakh transits the Bosphorus in Istanbul, Türkiye , July 6, 2023. REUTERS/Yoruk Isik//File Photo P
Rosneft's Russian-flagged crude oil tanker Vladimir Monomakh transits the Bosphorus in Istanbul, Türkiye , July 6, 2023. REUTERS/Yoruk Isik//File Photo P

Türkiye sharply reduced its imports of Russia's flagship Urals crude oil in November, shipping data from energy consultancy Kpler showed, as Western sanctions on Russian energy suppliers tightened and Turkish refineries shifted to alternative grades.

Shipments of Urals to Türkiye fell by 100,000 barrels per day from October levels, with total imports dropping to around 200,000 bpd last month, data from Kpler and LSEG showed, Reuters reported.

Türkiye has become one of the largest buyers of Russian crude since 2022 when European buyers stopped purchases, ranking since then as the second biggest buyer after India among seaborne importers of Urals, Russia's main export grade, LSEG data shows.

The decline comes as US sanctions on Russian majors Lukoil and Rosneft have narrowed the pool of suppliers Turkish refiners can deal with.

In addition, the European Union's planned ban on the purchase of fuel produced from Russian oil, set to take effect at the end of January 2026, is prompting Turkish companies to diversify their feedstock.

As Urals shipments fell, Türkiye boosted imports of alternative crude grades, including Kazakhstan's CPC Blend and KEBCO and Iraq's Basrah, according to the Kpler data.

CPC Blend, though loaded from Russia's port of Yuzhnaya Ozereyevka, is mostly produced by Kazakh companies. The Kazakh volume is exempt from Western energy sanctions and limitations regarding Russian oil.

In November Türkiye imported 105,000 bpd of Kazakhstan's CPC Blend, the highest level of such imports since February 2024, Kpler data showed. Türkiye also imported some volumes of Russian-origin CPC Blend in 2025, but has stopped since September.

In June Türkiye's Urals oil imports reached a multi-month high of nearly 400,000 bpd, according to Kpler.

However, Turkish refineries' ability to make alternative purchases is limited, as the supply of crude similar in quality to Urals on the Mediterranean market is low.

The situation with CPC Blend deliveries to Türkiye could be complicated by a recent attack on the Caspian Pipeline Consortium terminal.

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Critical Minerals Drive Billion-Dollar Saudi-Canadian Partnership

Saudi and Canadian officials attend the recent Saudi-Canadian Investment Forum in Jeddah. (Asharq Al-Awsat)
Saudi and Canadian officials attend the recent Saudi-Canadian Investment Forum in Jeddah. (Asharq Al-Awsat)
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Critical Minerals Drive Billion-Dollar Saudi-Canadian Partnership

Saudi and Canadian officials attend the recent Saudi-Canadian Investment Forum in Jeddah. (Asharq Al-Awsat)
Saudi and Canadian officials attend the recent Saudi-Canadian Investment Forum in Jeddah. (Asharq Al-Awsat)

Economic ties between Saudi Arabia and Canada are entering a new phase. After a year of intensified diplomatic and investment engagement, Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, and Canadian Prime Minister Mark Carney launched a new strategic partnership focused on high-value, future-oriented sectors during official talks in Jeddah earlier this month.

The momentum was immediately reinforced by the signing of 15 agreements and memorandums of understanding at the Saudi-Canadian Investment Forum, laying the groundwork for broader cooperation that reflects both countries’ shared commitment to expanding economic ties.

The mining and critical minerals sector is expected to be the first major beneficiary. Canada offers abundant mineral resources and longstanding engineering expertise, while Saudi Arabia brings substantial industrial and investment capacity to develop its estimated $2.5 trillion in untapped mineral wealth.

The sector is expected to deliver the earliest returns from the newly signed agreements before expanding into energy, advanced technology and data centers, strengthening value chains and creating globally competitive industrial and investment opportunities.

Mohammed Nasser Al-Dulaim, chairman of the Saudi-Canadian Business Council, told Asharq Al-Awsat that more agreements will be announced “at the appropriate time” and that implementation of the signed deals would be closely monitored.

Both countries are planning an exchange of trade delegations and regular meetings between companies throughout this year and into 2027, he added.

His remarks echoed those of Canadian Minister of Energy and Natural Resources Tim Hodgson, who said deeper cooperation with Saudi Arabia - Canada’s largest trading partner in the region - is a cornerstone of Ottawa’s strategy to attract $500 billion in private investment and double non-US exports over the next decade.

Earlier this year, Canadian engineering firm Hatch signed a strategic agreement worth up to $700 million with Saudi mining company Maaden to develop its portfolio of gold, phosphate and aluminum projects.

Another partnership between Canada’s Northern Graphite and Saudi Arabia’s Obeikan Investment Group will establish an advanced battery anode materials processing plant in the Kingdom, helping secure and diversify clean energy supply chains.

Al-Dulaim said mining and critical minerals would form the backbone of the partnership, describing the model as: “Canada supplies, Saudi Arabia transforms, and the world benefits.”

He added that energy, advanced technology and data centers would follow as complementary sectors.

Following the Jeddah forum, he said, the council’s immediate priority is to turn the 15 agreements into operational projects through implementation plans, timelines and performance indicators, supported by sector-specific working groups that will coordinate with government agencies and investors in both countries.

The forum also highlighted investment opportunities in Saudi Arabia’s nearly $1.3 trillion economy, where non-oil activities account for more than 50 percent of GDP.

Gatherers identified priority sectors including financial services, mining, advanced industries, artificial intelligence, data centers, education and innovation, while discussions continue on additional projects that have yet to be announced.

Business

Conflicts, Aircraft Orders in Focus as Farnborough Airshow Kicks Off

The British Red Arrows display team fly at the Farnborough International Airshow, in Farnborough, Britain, July 22, 2024. (Reuters)
The British Red Arrows display team fly at the Farnborough International Airshow, in Farnborough, Britain, July 22, 2024. (Reuters)
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Conflicts, Aircraft Orders in Focus as Farnborough Airshow Kicks Off

The British Red Arrows display team fly at the Farnborough International Airshow, in Farnborough, Britain, July 22, 2024. (Reuters)
The British Red Arrows display team fly at the Farnborough International Airshow, in Farnborough, Britain, July 22, 2024. (Reuters)

The Farnborough Airshow opens on Monday with Boeing and Airbus pursuing aircraft deals and defense firms vying for a share of booming military budgets fueled by wars in Ukraine and the Middle East.

Planemakers are expected to announce a string of deals during the week, although industry sources say total orders are likely to fall well short ‌of some ‌analyst forecasts of 800 aircraft or more, reflecting ‌supply-chain ⁠constraints that continue to limit ⁠production.

At the same time, defense companies are arriving in force as governments boost military spending and seek lessons from conflicts that have highlighted the importance of drones, missile defense systems and artificial intelligence.

Monday's opening also coincides with the first day in office of Prime Minister-in-waiting Andy Burnham, who could make an appearance at the July 20 to ⁠24 event.

Organizers say defense companies will make ‌up half of a record 1,600 exhibitors ‌at the show, highlighting a shift from the commercial aviation roots of ‌an event that began in 1948 as a showcase for British ‌aerospace technology.

The shift reflects how conflicts from Ukraine to the Middle East have transformed spending priorities and accelerated demand for new defense technologies, including unmanned fighter jets, kamikaze drones and autonomous AI software.

On the eve of the ‌event, the head of Boeing's commercial airplane unit said the company is focused on increasing and improving ⁠aircraft production, "not order ⁠announcement."

Sources told Reuters Airbus and Boeing are together expected to secure a little over 300 aircraft orders unless last-minute negotiations produce additional deals.

Among the expected announcements is an order for around 100 narrowbody aircraft from each manufacturer by Irish leasing company SMBC Aviation Capital, the sources said. Bloomberg News first reported the potential deal. None of the companies involved commented.

However, there were no immediate signs of a breakthrough in talks between Turkish Airlines and engine makers over long-term maintenance agreements that the carrier has linked to a planned purchase of 150 Boeing 737 MAX jets.

Business

West African Leaders Approve Nigeria-Morocco Gas Pipeline

Presidents and government representatives attend the 69th Economic Community of West African States (ECOWAS) Summit in Freetown, Sierra Leone, July 19, 2026. (Reuters)
Presidents and government representatives attend the 69th Economic Community of West African States (ECOWAS) Summit in Freetown, Sierra Leone, July 19, 2026. (Reuters)
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West African Leaders Approve Nigeria-Morocco Gas Pipeline

Presidents and government representatives attend the 69th Economic Community of West African States (ECOWAS) Summit in Freetown, Sierra Leone, July 19, 2026. (Reuters)
Presidents and government representatives attend the 69th Economic Community of West African States (ECOWAS) Summit in Freetown, Sierra Leone, July 19, 2026. (Reuters)

West African leaders on Sunday signed an agreement approving the construction of a gas pipeline linking Nigeria to Morocco at a summit of regional bloc ECOWAS in Sierra Leone's capital Freetown.

The roughly 6,000-kilometer (3,700-mile) Nigeria-Morocco Gas Pipeline (NMGP) will cross 13 countries along Africa's Atlantic coast, carrying Nigerian gas to Morocco before connecting to the Maghreb-Europe pipeline.

"We have already signed the West Africa-Morocco gas pipeline," said ECOWAS chair Julius Maada Bio said. "Don't be surprised when the gas comes your way."

Morocco's state hydrocarbons agency ONHYM and Nigeria's state oil company NNPC said in a statement that the project aimed to link west Africa's gas resources to major regional markets.

It also hopes to "strengthen the integration of African energy markets and create a new development corridor linking" west Africa, the Sahel, Morocco and Europe.

The next steps include creating a "project company" based in Casablanca and a governing authority headquartered in Abuja before investors are brought on board and a final investment decision is taken, they added.

Construction is expected to begin in 2028, with the first gas deliveries targeted for 2031, said an ONHYM source.

The project, first proposed during Moroccan King Mohammed VI's visit to Abuja in 2016, is estimated to cost around $27 billion.

Its revival has been driven in part by Algeria's 2022 decision to stop supplying gas to Spain via Morocco after diplomatic ties between Algiers and Rabat broke down.