The Turkish Oil Refineries Corporation (Tupras) has signed an agreement with the National Iranian Oil Corporation (NIOC) to purchase and sell 4.5 million tons of crude oil over a 12 month period beginning this month, reported Xinhua.
According to the agreement, Tupras will have the option of increasing its purchase amount of crude oil to 6.3 million tons. In addition, the two sides are currently in negotiations over a Turkish unleaded-oil purchasing contract.
Tupras is located in the northwestern city of Izmit, 74 kilometers outside of Istanbul. The refinery is the country's largest crude oil processing facility, accounting for 35 percent of the Republic’s oil and natural gas supplies with 30 storage tanks holding over seven million barrels of crude oil. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
