Iran releases 1M barrels of crude oil to Türkiye

Earlier this year, Iran seized a tanker carrying 1 million barrels of crude oil purchased by Tupras from Iraq. According to an official statement, all the oil was eventually recovered due to successful initiatives.

In January, Iran detained the Marshall Islands-flagged tanker St. Nikolas, owned by Greece, which was transporting crude oil from Iraq to Türkiye as a form of “retaliation” against the U.S. The tanker was carrying approximately 1 million barrels of crude oil for Tupras.

Greek maritime sources later announced that the crude oil had been released following negotiations, although the tanker itself remains held by Iran. While the Iranian side has yet to comment, there has been no information provided on the specifics of how and where the oil was dispatched.

Tupras confirmed that the oil was transferred to another vessel through a ship-to-ship operation conducted between July 23-25, 2024. The company expects the oil to reach its refinery in September.

Tupras, which operates four refineries in Türkiye with a total annual capacity to process 30 million tons of crude oil, issued a statement affirming the successful recovery of the oil.