Turkey cuts Iran oil purchases by 20 percent

Turkey's national oil company Tupras said on Friday it had cut its purchases of oil from neighbouringIran by 20 percent as western nations tighten sanctions against Tehran over its nuclear programme, Hurriyet Daily News reports.

"Given the situation, it was decided following an evaluation to reduce by 20 percent crude purchases from Iran," the company said in a statement.

Turkey, which imports a third of its oil from Iran, is seeking to obtain an exemption from new US sanctions against Iran.

Under a new law aimed at pressing Iran over its controversial nuclear programme, the United States will penalise foreign financial institutions over transactions with Iran's central bank, which handles sales of the country's key export.