BGN Emerges as Key Trader in Kazakhstan’s Crude Oil Exports

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessBGN Emerges as Key Trader in Kazakhstan's Crude Oil ExportsBGN, a little-known trading house with Turkish roots, has emerged as one of the top players in the market for Kazakhstan’s crude oil exports.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.3jb16)giyh2)tg(xkphrpyt}_media_dl_1.png Bloomberg(Bloomberg) — BGN, a little-known trading house with Turkish roots, has emerged as one of the top players in the market for Kazakhstan’s crude oil exports.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountRun by Turkish businesswoman Rüya Bayegan, BGN has become one of the biggest merchants of Kazakhstan’s CPC Blend, holding significant volumes of cargoes every month, traders involved in the market said. Unknown to many just two years ago, the rise of BGN has been partly driven by recent agreements with Kazakh state-owned producer KazMunayGas. BGN said in response to questions that it has a longstanding relationship with KMG, but doesn’t comment on commercially sensitive trading volumes.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe firm’s growing presence in the Mediterranean crude market, where CPC is the most important grade, underscores a rapid global expansion that also involves gas and metals. The privately held company already trades around 250 million barrels of crude annually, ranking it among the six largest independent oil traders by volume, according to data provided by the firm.Kazakh crude exports loaded from the Caspian Pipeline Consortium terminal on Russia’s Black Sea coast have become a crucial lifeline for European refineries since the Iran War snarled flows through the Strait of Hormuz. A halt in CPC loadings due to drone attacks on tankers was one of the factors that helped push up Brent crude futures past $100 a barrel last week. Its resumption on Monday added to a price retreat driven by de-escalation in the Middle East. Founded in 2013, building on Turkish petrochemicals trader Bayegan, BGN has recently hired veterans who previously worked at Trafigura Group, Shell Plc, BP Plc and Macquarie Group Ltd as it beefs up operations to compete with the biggest players in energy and commodities trading. Like its much larger rivals, it has also been building a global portfolio of commodity assets. In one of its latest moves, it has carved out a role in Venezuelan crude exports.Its relationship with the Kazakh state producer dates back nearly two decades, the company said. But it wasn’t until it signed an agreement last year covering KMG Trading’s equity barrels from the giant Tengiz field that BGN’s involvement in the spot market became more relevant, one of the traders said. The merchant signed the agreement covering Tengiz barrels in 2025, and this year signed another one covering KMG’s equity barrels from the Karachaganak project, it said in response to questions. The company declined to disclose the contractual volumes with KMG. According to information on the websites of the Tengiz and Karachaganak projects, KMG owns nearly 200,000 barrels a day of crude from the two fields, equivalent to about 11% of total CPC exports. Exports of CPC Blend hit a record 1.8 million barrels a day in May, according to ship tracking data compiled by Bloomberg. More than three quarters of the cargoes were shipped to Europe every month. BGN says it has also built a strong position in Libya, maintaining a commercial relationship with the National Oil Corp. since 2013.Beyond crude, BGN has become one of the leading traders of liquefied petroleum gas, accounting for about 10% of global LPG trade flows, and is one of the major lifters of LPG from the US as well as the Middle East, according to the company.The firm’s recently expanded offices in Geneva and Dubai now each employ more than 50 staff, it said. It has also expanded office space in Singapore, while its Houston office is relocating to accommodate new senior trading and business development hires.—With assistance from Jack Wittels.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.