Private Russian oil producer Lukoil will lend Azeri state oil firm Socar $1.5 billion as part of a broader deal that will allow Socar's 200,000-barrel-per-day Turkish STAR refinery to process Russian crude again, three industry sources familiar with the deal said on Thursday.
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    1 year ago

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    LONDON/MOSCOW, Oct 5 (Reuters) - Private Russian oil producer Lukoil will lend Azeri state oil firm Socar $1.5 billion as part of a broader deal that will allow Socar’s 200,000-barrel-per-day Turkish STAR refinery to process Russian crude again, three industry sources familiar with the deal said on Thursday.

    The STAR refinery, however, had to cut Russian crude imports this summer due to complications arising from international financial restrictions on business with Moscow.

    Lukoil will start delivering Urals to STAR from October and is expected to supply some 100,000 bpd, equivalent to half of the plant’s capacity, the sources said.

    Three tankers sourced by Lukoil - Azure Celeste, Ocean Faye and Sea Fidelity - are heading to Turkey from Primorsk after each loading 100,000 tonnes of Urals at the end of September and early in October, LSEG data shows.

    Lukoil has been subject to some U.S. sanctions on the Russian energy sector since 2014 but has avoided the harsher measures imposed on its peers since 2022.

    The company’s trading arm Litasco still supplies oil to its EU refineries in Bulgaria and Romania and has offices in Dubai and Geneva.

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