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Turkey's Tupras reports USD75.4m profit in Q2  Join our daily free Newsletter

MENAFN - 29/08/2012

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(MENAFN) Turkish oil refiner Tupras Petrol Rafinerileri AS reported a 47 percent drop in quarterly profits, as Iran oil sanctions shrank trimmed margins, Bloomberg reported.

The company said it made USD75.4 million during the second quarter, down from USD143 million achieved a year ago.

Complying with Western sanctions, Tupras has lowered crude oil imports from Iran in the quarter. Turkey pledged in March to reduce Iranian oil imports by 20 percent.

Tupras said inventories lost value as oil and product prices fell, while rising natural gas prices boosted production costs, trimming further into refining margins.

 






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