North African bitumen buyers swung away from Greek supply and instead bought more Spanish and Italian product, which was often cheaper and more plentiful, particularly in the first quarter of this year.
North African imports of Greek bitumen totalled 65,000t in the first quarter, compared with 164,000t in the same period of 2025, Kpler data shows. Imports from Greece also fell significantly in the fourth quarter of 2025, with the western Mediterranean becoming the primary import option for north African contractors.
After the US-Israeli strikes on Iran on 28 February and following the blockade of the strait of Hormuz, market participants in Algeria and Morocco anticipated significantly tightened supply out of Greece. Exports out of Greek refineries, particularly Motor Oil Hellas' (MOH) 180,000 b/d Agioi Theodoroi plant, remain short in supply with feedstock crude cargoes held up in the strait of Hormuz. The refinery regularly imports bitumen-rich crude such as Iraqi Basrah.
Meanwhile, exports from Helleniq Energy's 140,000 b/d Aspropyrgos refinery have been less appealing to north African buyer. Any shift to Aspropyrgos is difficult after prolonged maintenance cut production. The work, originally planned for February-March, is now scheduled to end in early May.
In addition to this, contractors in Algeria and Morocco were already sitting on surplus stocks accumulated over the fourth quarter of 2025. This allowed them to back off from new, more expensive deals out of the eastern Mediterranean after the Iran war sent high-sulphur fuel oil (HSFO) and crude prices soaring.
Both Spanish Repsol-Asesa joint owned 180,000 b/d Tarragona and Italian Sonatrach-owned 198,000 b/d Augusta refineries were able to offer cargoes at lower values. In the first quarter, Spanish and Italian exports to north Africa totalled 31,000t and 122,000t, respectively. Algeria, which had not imported Spanish cargoes since 2023, briefly resumed such imports owing to weaker cargo values offered. Spain's Repsol was largely immune to price spikes as surplus cargo availability and tepid domestic demand allowed them to offer cargoes at a discount of $15-20/t to fob Mediterranean HSFO values in March, compared to closer to flat to HSFO for other Mediterranean suppliers.
Looking ahead, Algerian and Moroccan bitumen demand is expected to increase in the coming weeks. Some of this demand will continue to be met by western Mediterranean refiners. Turkey's Dortyol, is now offering greater volumes after flows of product originating in Iraqi Kurdistan resumed in December.
