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Turkey's to Extend Iran Oil Purchase Contract

Source: 1/8/2013, Location: Asia

According to public relations of Iranian Offshore Engineering and Construction Company: Tupras, Turkey's sole oil refiner, will extend purchases of crude oil from Iran when the company's contract expires in August, Energy Minister Taner Yildiz said amid US calls for tightening oil embargos against Tehran.

Yildiz told reporters late on Sunday that despite tough Western sanctions, "Turkey's oil-purchase contract with Iran expires in August. This contract will definitely be extended, because Iran covers about 45 to 40 percent of Turkey's oil needs".

The package kept in place exemptions for countries including Turkey that made significant cuts to their purchases of Iranian crude, but new sanctions are due to take effect this year.

The United States and many of its allies accuse Iran of enriching uranium to levels used in nuclear weapons. Iran says its atomic program is for peaceful purposes.

Turkey imports more than 90 percent of its oil and gas.

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