Turkish minister hopes oil deal with Venezuela at lower price

Yildiz said Turkey hoped to strike an oil deal with the world's 5th largest exporter at a lower price than it was currently buying.

Turkish minister hopes oil deal with Venezuela at lower price

Turkish Energy and Natural Resources Minister Taner Yildiz who arrived Wednesday in Venezuela on a formal trip said Turkey hoped to strike an oil deal with the world's 5th largest exporter at a lower price than it was currently buying.

Yildiz told reporters at the Simon Bolivar Airport upon his arrival that the progress of the Energy Working Group of the two countries established two months ago would be assessed during the visit.

He said Turkish Petroleum Corp (TPAO) and its subsidiary TPIC would negotiate a deal with its Venezuelan counterparts, expressing Turkey's hope to purchase oil and oil products at a rate lower than it is currently importing.

"We need to make initiatives to diversify oil products in our market and promote price competition for our citizens. To this end we must cooperate with Venezuela. This trip is one of these initiatives. I believe Mr.Chavez will lend a hand in this matter," Yildiz said.

Yildiz pointed out that such a cooperation would be mutually beneficial, saying that Venezuela also needed a country like Turkey in the Mediterranean basin. He said they would discuss with Venezuela the prospects of building a joint oil refinery in the Mediterranean.

Venezuela is home to the largest oil reserves after the Middle East. A recent research conducted by U.S. Geological Survey says an estimated 513 billion barrels of technically recoverable heavy oil are in Venezuela's Orinoco Oil Belt, nearly twice that of world oil leader Saudi Arabia's 260 billion barrels.



AA

Last Mod: 19 Ocak 2011, 14:41
Add Comment