IRAN/TURKEY

Tupras Attributes Lower 2Q12 Earnings Partly To Iran Sanctions

Turkey’s sole refiner Tupras has attributed a 47% drop in quarterly earnings in part to the decision by the Turkish government to comply with a US/EU boycott of Iranian oil supply (MEES, 9 April). In a filing to the Istanbul Stock Exchange on 28 August, Tupras reported that net income in 2Q12 was TL135.7mn ($75.4mn), compared with TL258.1mn in 2Q11. Turkey agreed in March to reduce...