Turkey’s largest refiner, Tupras, has signed agreements for the supply of over 500,000 tons of bitumen in 2025, sourced from its Izmit and Izmir refineries. As reported by Argus media, These contracts, awarded through a tender process, attracted major international players, including Rubis Asphalt, Continental Bitumen (Colas), and Vitol, highlighting Tupras’ critical role in the Mediterranean bitumen market.
Strategic Buyers and Infrastructure
Rubis Asphalt, a prominent player in the European bitumen trade, secured an undisclosed portion of the tender. Continental Bitumen, part of French construction leader Colas, will receive seven to eight CFR shipments, each carrying approximately 12,000 tons of bitumen. These deliveries will be handled by Tupras’ dedicated tanker, T Adalyn, destined for import terminals in France, Ireland, and the UK, with occasional stops at other northwest European locations. Vitol, a major energy trader, has reportedly secured FOB volumes likely intended for its Antwerp terminal in Belgium—a key hub for redistributing large shipments to Northern and Western Europe.
These agreements showcase the extensive networks and logistical capabilities of the buyers, ensuring Tupras’ products reach critical infrastructure projects across Europe and beyond.
Pricing and Market Trends
Some FOB volumes were awarded at double-digit discounts to Mediterranean High-Sulphur Fuel Oil (HSFO) cargo prices, reflecting the weak supply-demand fundamentals in the European bitumen market. Such competitive pricing aligns with ongoing challenges like subdued infrastructure spending in Europe.
Future Market Implications
Market conditions in 2025 may shift due to the extended repair schedule at Greece’s Motor Oil Hellas refinery, which is offline until Q3 2025 after a fire incident. This downtime could significantly impact Mediterranean bitumen supply, particularly during the peak road construction season from spring to autumn. The resulting supply shortages may push spot prices higher, positioning Tupras to benefit from increased demand.
By locking in long-term contracts with major global players and leveraging strategic partnerships, Tupras is well-placed to maintain its leadership in the Mediterranean bitumen market while responding to evolving market dynamics.
