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, Reuters reported citing cources.
STAR purchased an average of 100,000 barrels per day (bpd) of Urals in 2022 but below 50,000 bpd so far this year, LSEG data shows.
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.
