18 April 2014, Friday
Today's Zaman

Turkey starts talks to buy Saudi oil, minister says

12 June 2012, Tuesday /REUTERS
Turkey has begun talks with Saudi Arabia on long-term crude oil purchases, Turkish Energy Minister Taner Yıldız said on Tuesday, after the United States said it would exempt Turkey from financial sanctions because it cut purchases of Iranian oil.    

Yıldız said the talks were in line with Turkey's main energy target to increase the number of countries from which Turkey imports crude oil.     

"Talks with Saudi Arabia on long-term crude oil purchases have started. This doesn't concern only Tupras but also concerns Saudi Arabia's Aramco. Talks are still going on; they will discuss the quantities between them," Yildiz told reporters.     

Asked whether the Saudi oil would be as cheap as Iranian oil, Yildiz said Turkish refiner Tupras would compare crude oil prices and take the decision itself.     

U.S. Secretary of State Hillary Clinton said on Monday the U.S. would exempt India, South Korea, Turkey and four other countries from financial sanctions because they have significantly cut purchases of Iranian oil.      

"We aim to increase the number of countries where we buy natural gas from five to seven or eight and the number of countries where we buy crude oil to 14, if possible, from 11. We determined Libya as the 12th country. Tupras has made connections to buy around 1 million tonnes (of oil)," Yildiz said.     

At the end of March, the minister said Turkey would diversify its oil supplies, and the first shipment of crude under a Libyan term contract deal arrived in February.      

"The United States decision doesn't have a legal binding force, but they are our strategic partners. The priority will be on meeting Turkey's growing energy needs promptly and from resources as cheap possible," Yildiz said.     

He said Turkey remained one of the countries with the highest levels of trade with Iran and that it aimed to increase trade volumes.      

Turkey has also been working with Venezuela for months on a project under which the South American country would provide oil products to Turkey in exchange for the construction of housing there.     

"Our work with Venezuela is now at the final stage. We are working towards a plan where we import petroleum coke in exchange for our contractors' working there," Yıldız said.     

Yıldız said a Turkish contractor had already built 1,500 houses near Caracas and that ultimately 350,000 houses would be built.          

BUSINESS  Other Titles
Central bank head denies reports that he resigned
Turkey signs FTA with Malaysia, looks to boost trade volume
Tough year ahead for Turkish banks, Fitch says
Competition Authority investigation of THY to resume soon
Cut off from the world, Gazans consumed by poverty
Galatasaray to pay $35 mln in tax penalty
EU agrees to Putin's call for gas security talks
Twitter: No current deal to open office in Turkey
Ankara says Russia's South Stream pipeline could run to Turkey
Turkish central bank meeting eyed for signs of political meddling
Turkish cement firms eye assets after Holcim-Lafarge merger
CHP raises issue of irregularity in loans for Sabah-ATV sale
TUSKON key in trade with Turkey, top Russian group says
Number of job seekers hits 10-year high
Gül attends event of group labeled ‘traitors' by Erdoğan
'Banning social media disaster for any government's global image'
Pakistan publishes list to embarrass tax cheats into paying up
Turkish schools help to enhance trade relations with Africa
Unemployment rate sees decrease year-on-year in Jan
Pegasus Airlines to start flights to Bahrain