Iran News ...


12/25/11

Iran extends oil deal with Turkey despite sanctions

Source: ISNA

The National Iranian Oil Company (NIOC) has extended its crude oil deal with Turkey by the end of 2012 despite tightening sanctions against Iran by western countries.


National Iranian Oil Company (NIOC)

The NIOC has extended the contracts through which it has exported crude oil to a number of Turkish oil companies by the end of 2012.

Turkey has purchased 150,000 barrels of oil per day in 2011, and it is expected to rise to 200,000 barrels per day in 2012.

Iran aims at selling its crude oil through Turkey to overcome the U.S. and European sanctions.

Iran-Turkey-map

Turkey is a potential market for export of Iranian crude oil to Europe, and it is predicted that Iran's crude oil exports to Turkey would rise by a third in 2012.

Iran warned that any move by western countries to prevent the country's oil exports would result in more than double prices.

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