Five trading sources said that Vitol would start exporting fuel oil and diesel from Turkmenistan via the Russian port of Novorossiisk this month following its success in restarting Turkmen crude oil shipments through Russia.
Vitol had succeeded in exporting Turkmen crude even when market analysts were pessimistic as there had been a lack of tankers in the Caspian Sea and most tankers are controlled by Azerbaijani company SOCAR who was Vitol’s rival in obtaining Turkmen crude exports.
A source familiar with Vitol’s trading plan informed that in December, the company will likely do test shipment via Novorossiisk, which is a complicated process. According to Russian railway data, 20,000 tons of fuel oil and 25,000 tons of Turkmenistan’s would be transported to Novorossiisk this month. Upon success on the trial, 500,000 tons of Turkmen oil products would be supplied.
Turkmenistan has mostly sold its oil products to Azerbaijan or exporting it via Georgian ports to the Black Sea market. The country’s oil products are usually sold in annual tenders and the competition for the products is tough.
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Published on December 4, 2019 6:45 PM (GMT+8)Last Updated on December 30, 2019 7:09 PM (GMT+8)
