Turkey gains from global oil price drop: minister

Turkey, which consumes 35 million tons of crude oil, is at an advantage because of the global decline in oil prices, Energy Minister Yildiz has said

Turkey gains from global oil price drop: minister
World Bulletin/News Desk
 
 The fall in global oil prices reflects directly in Turkey because of an auto-pricing mechanism in place, Energy Minister Taner Yildiz said Monday.

Turkey, which consumes 35 million tons of crude oil, is at an advantage because of the global decline in oil prices, Yildiz said.

The minister made the remarks at an opening ceremony of a new oil recycling facility of Turkish Petroleum Refineries Corporation, known as the TUPRAS, at the Izmit refinery.

"International gasoline prices decreased by 44 percent during the last six months, while we reflected 42.1 percent decline in our gasoline prices, excluding taxation, in Turkey," he said.

"The fall in international diesel prices was 36.8 percent and in Turkey, prices decreased by around 32.5 percent," he added.

There has also been a fall in filling the car tank of 55 liters from 280 Turkish liras to 236 because of the global oil price drop, the minister said.

The fall for a diesel car with the same capacity was from 246 Turkish liras to 207, he added.

The Turkish corporation TUPRAS opened its new facility to help its refineries perform with maximum capacity.

About the facility, the minister said "we have a very competitive refining sector in Turkey, which competes with more than 800 refineries globally."

"We have around 18.5 million vehicles in the country that increases by one million annually," Yildiz said.

"These vehicles consume more than half of the energy imports, around $52 billion worth in 2013," he added.

Meanwhile, Science, Industry and Technology Minister, Fikri Isik, said the Turkish corporation’s project would make a significant contribution to the Turkish economy.

"There is an imbalance among supply and demand in our refinery products," Isik said. He hoped the new facility would increase the high value added products

Last Mod: 15 Aralık 2014, 16:31
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