Turkish petroleum giant breaks all contracts with Iran

Turkish major oil company Turkish Petroleum Refineries Co (TUPRAS) has followed the decision of European energy giants and announced the breaking off of all existing contracts with Iran. This action is presumed to be a direct result of pressure from the US, expressed in an official request from the State Department, NEWS.am reports. However, Turkey’s oil minister Taher Yaldiz stated that TUPRAS is a privately held firm and made the decision without any consultation with the authorities.

”The private sector can continue trading or stop trading. The Turkish Government has nothing to do with the sanctions and does not have any statements in this regard,” said the Turkish minister. Earlier, Minister of Foreign Affairs of Turkey, Ahmet Davutoglu, said that Turkey will expand economic ties with Iran because it is in the national interests of Turkey.

As the same source indicated earlier, four major energy companies will also stop all operations in the Iranian market in accordance with the economic sanctions imposed by the US against Iran. The companies Royal Dutch Shell, Total of France, Norway's Statoil and Italy’s ENI, stopped trade with Iran in order to avoid penalties imposed by the US against companies conducting business in Iran. Despite possible sanctions, the Swiss company Naftiran Intertrade chose to continue its activities on the Iranian market.