BREAKING NEWS

Turkey works to cut dependence on Iranian oil

By REUTERS

JANUARY 19, 2012 19:10

GENEVA/LONDON - Turkish refiner Tupras is working on a plan to cut its dependence on imports of Iranian oil as Western powers aim to crack down on the Islamic Republic's oil sales, industry sources familiar with the company's strategy said on Thursday.

Turkey imports more than 30 percent of its daily consumption from Iran and has so far given no indication that it will comply with a planned EU import embargo on Iranian crude.

One source said that Tupras was planning to meet Saudi Arabian oil authorities this month with a view to switching to alternative crude sources by the summer.

"I think the meeting is to learn the supply capacity ahead of (state oil company Saudi) Aramco's other clients," said a second industry source, adding that Iranian threats to shut the Strait of Hormuz had prompted Tupras to approach new suppliers.

Tupras declined to give an immediate comment.

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