Energy
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Oil Exports to Turkey Increase

Oil Exports to Turkey Increase Oil Exports to Turkey Increase

Oil export to Turkey has increased nearly 8% in the first three months of the year compared with the same period last year.

Turkey has imported 1.4 million tons (112,000 barrels) of oil from Iran in January-March, up 7.6% from last year's 1.3 million tons (104,000 barrels), Tasnim News Agency reported.

In total, the northwestern neighbor imported 5.2 million tons of crude from Iran last year, indicating a 1% percent decline compared with the previous year. In 2013, Turkey had imported 5.2 million tons of oil from Iran. Turkey's only refinery, Tupras, imports about 30% of its oil from Iran.

Turkey is also discussing imports of fuel oil from Iran which is running a surplus of the product amid a decline in domestic consumption. Iran has replaced fuel oil with gas from the South Pars field to provide power to industrial units and power plants. Currently, it has 41 million liters of excess fuel oil.

Iran exports between 200,000-600,000 tons of fuel oil per month, depending on domestic consumption. The country has also long-term contracts with the Persian Gulf littoral states, especially with the UAE’s bunkering hub of Fujairah, for the sale of its oil fuel.

Fuel oil is a petroleum product burnt in furnaces or boilers to generate heat or in engines to power ships.

Financialtribune.com