Turkey Will Cut Imports of Iranian Crude 22% to Meet Sanctions

Tupras Turkiye Petrol Rafinerileri AS (TUPRS), Turkey’s only oil refiner, will cut imports of crude oil from Iran this year 22 percent to 5.6 million tons, or 105,000 barrels a day, to comply with sanctions.

The U.S. extended exemptions to sanctions against Iran’s nuclear program to countries dependent on Iranian crude for another six months from June, Tupras Chief Executive Officer Yavuz Erkut said yesterday. Iran is Turkey’s largest supplier.

“We have diversified crude oil sources and the decrease in Iran supplies is being compensated for by purchases from Saudi Arabia and Iraq,” he said. Iraq supplied 3.8 million tons in 2012 while Saudi Arabia 2.8 million tons, he said.

Turkey, which imports 95 percent of its oil needs, may get 1 million tons of Libyan oil this year after importing the same amount in 2012, Erkut said.

“We are monitoring developments in Libya to see how they will come back to the market again,” he said.

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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