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Turkish State Oil Firm Cuts Iranian Oil Purchases By One-Fifth


Turkish national oil company Tupras says it has cut its purchases of oil from Iran by 20 percent in an attempt to avoid U.S. penaties related to Washington's sanctions against Iran.

Turkish Prime Minister Recep Tayyip Erdogan (L) with Iran's Supreme Leader Ayatollah Khamenei in Mashhad, Iran - March 29, 2012
Related Report: Iran, Turkey set $30b trade target for 2015

The United States has said it will penalize foreign companies for doing transactions with Iran's central bank, which handles financial transactions for Iranian oil exports.

Earlier this month, Washington granted Japan and 10 EU states exemptions from penalties, praising those countries for reducing their dependency on Iranian oil.

Turkey imports one-third of its oil from Iran.

Based on reporting by AFP and Reuters

Copyright (c) 2012 RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.

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