Iran becomes the largest importer of Russian oil

Iran becomes the largest importer of Russian oil

Since the start of last year’s agricultural season, from July of last year through this February, Russia exported 573,000 tons of sunflower oil to Iran, making it the largest importer of this product, Kommersant reports, citing the SovEcon analytical center.

The second-largest importer of Russian sunflower oil this year is Turkey, which purchased some 145,000 tons of the product. Egypt is in third place. The African country purchased 69,000 tons of sunflower oil.

NMGK, a major food producer in Russia, is considering building a terminal in Astrakhan to export sunflower oil, the newspaper reports. It may become the first asset of this kind for the group and will allow it to significantly expand exports to Iran, which is becoming an increasingly-promising market for sunflower oil.

Oil and fat production plays a key role in the implementation of the federal project to expand exports of agricultural products. The 2024 target for this segment is USD 8.6 billion. In the first three months of this year, exports of Russian oils and fats increased by 23% on a year-on-year basis (excluding the Eurasian Economic Union). The Ministry of Agriculture revised its forecast for grain exports upward for this year.

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