Turkey eyes further 10 pct cut in Iran oil buys

By REUTERS
July 4, 2012 16:39

 
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ISTANBUL - Turkey is prepared to cut its Iranian oil imports by no more than an additional 10 percent from next year to persuade the United States to extend sanction exemptions when they expire in December, a high-level Turkish source told Reuters.

Last month Washington granted exemptions to Turkey and six other countries from its financial sanctions on Iran's oil trade in return for significant cuts in their purchases of Iranian oil.

It gave Turkey a 180-day exception from sanctions from June 11 as a result of an initial 20 percent cut made by Tupras , Turkey's sole refiner.

The exception meant Turkey's Halkbank was able to make payments to the Iranian Central Bank for oil shipments to Tupras without fear of being blacklisted by the United States.

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