Turkey's Oyak Military Pension Fund Becomes Major Buyer of Libyan Crude Oil
Turkey's military pension fund, Oyak, has emerged as a significant purchaser of Libyan crude oil, acquiring approximately 6 million barrels per month. This volume represents about 16% of Libya's total oil exports, according to OPEC data. Oyak initiated these purchases in January and has steadily increased its intake. The transactions are facilitated through the state-run Turkish Petroleum International Company (TPIC), which sources the crude from Libya's National Oil Corporation (NOC). Istanbul-based Nakkas Holding has provided trading expertise to Oyak for these Libyan cargoes. This development aligns with Oyak's broader strategy to expand its energy operations, which include trading, extraction, and refining. The fund, managing a $34 billion portfolio, aims to nearly double its assets to $60 billion by 2030 and is reportedly in discussions with a major global company to further its energy ambitions.
