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Turkey Sharply Cuts Imports of Iranian Crude

Turkey Sharply Cuts Imports of Iranian Crude
dj
Τρι, 5 Ιουνίου 2012 - 17:20
Turkey will sharply cut its imports of Iranian crude in May and replace it with oil from Saudi Arabia, a spokesman for the country's sole oil refinery, Tupras (TUPRS.IS), told Dow Jones Newswires Tuesday.
Turkey will sharply cut its imports of Iranian crude in May and replace it with oil from Saudi Arabia , a spokesman for the country's sole oil refinery, Tupras (TUPRS.IS), told Dow Jones Newswires Tuesday.

Turkey pledged in March that it would reduce its imports of Iranian crude by 20%, without naming a source for replacement crude.

According to the U.S. Energy Information Administration, Turkey relies on imports to meet around 90% of its domestic oil demand, with Iran its second-largest supplier after Russia .

Sanctions against Iran imposed by the U.S. and European Union have made it increasingly difficult for many countries to buy Iranian oil ahead of a full EU embargo due to come into force July 1.

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