Turkey signs oil agreement with Libya, in talks with S. Arabia.

By bne IntelliNews June 13, 2012
Turkey's sole refinery Tupras signed an agreement to buy oil from Libya and entered into talks with Saudi Arabia for long-term oil purchases, energy minister Taner Yildiz said. Tupras previously announced it would reduce its oil imports from Iran by 20%. Tupras will buy 1mn tonnes of oil from Libya. The news came shortly after the US exempted Turkey from Iran oil sanctions for 180 days as Turkey announced it cut oil imports from Iran. Turkey targets to increase the number of countries from which it buys oil from 11 to 14 and picked up Libya as the 12th country, Yildiz also said. On a related note a US diplomat told Reuters that the US granted Turkey a 6-month exception from financial sanctions and after 180 days the US administration will be looking for Turpas to make a further significant cut.

Turkey signs oil agreement with Libya, in talks with S. Arabia.

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