Tüpraş, the largest refinery company in Turkey, is expected to reduce its dependence on oil imports from Iran, according to sources in the Turkish oil industry cited by Reuters on Thursday. One of the sources attributed the forecast to threats by the Tehran government to shut down the Strait of Hormuz. According to the sources, as part of the process, company representatives are to meet with Saudi authorities and officials to discuss the matter.
On Tuesday, Hürriyet Daily News reported that Tüpraş had signed a contract with Iran to import a similar amount as in 2011, which was up 21 percent from the previous year and represented an increase in the percentage of Iranian crude that Tüpraş refines. The newspaper said China was reducing its purchase of Iranian crude in half this month.