LPG exports from Russian ports to Turkey double in 2023
(Reuters) - Supplies of LPG from Russian ports to Turkey doubled in 2023, according to traders and LSEG data, as trade between Moscow and Ankara grows at a brisk pace amid Russia's pivot away from Europe.
Turkey, on the whole boosted sea-borne imports of LPG, mainly used as fuel for cars, heating and to produce other petrochemicals, by 9.2% last year to 3.637 million metric tons as domestic production of the fuel has declined.
Demand for LPG in Turkey has also grown thanks to post-Covid recovery and more attractive pricing in comparison to gasoline. LPG has been increasingly used too in Turkey's southern regions as an alternative to natural gas, supplies of which have been disrupted by last year's devastating earthquake.
According to the data, supplies of LPG, or propane and butane, from the Russian ports to Turkey jumped last year to 488,000 tons. That includes supplies from Russia and Kazakhstan.
The European Union Council last month adopted a 12th package of sanctions against Russia over the conflict in Ukraine, introducing a new LPG import ban.
Traders said that buyers in the European Union had already started to ditch Russian LPG in 2022 because of sanctions risks.
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