Rising oil prices to cost Turkey additional $ 1.5 bn

Oct 16, 2004 02:00 AM

Turkey's state oil refiner Tupras estimated rising oil prices could cost Turkey an additional $ 1.5 bn.
Turkey's crude oil bill could amount to $ 5.4 bn this year, up from an estimated budget figure of $ 3.9 bn, Manager of Tupras Husamettin Danis was quoted as saying. There would be an additional $ 1.59 bn burden stemming from the rise in global oil prices, Danis concluded.

Crude oil spending estimates are based on an average oil price of $ 24.60 per barrel this year.
Tupras had paid $ 4.01 bn for 16.9 mm tons of crude oil imports in the first nine months this year, Danis said. He underlined that the country would have to pay $ 1.39 bn for the envisaged 5.2 mm tons of crude oil for the rest of this year in case the average oil price stood at $ 40 per barrel.

Oil prices were still within sight of the mark of $ 55 per barrel.
Oil prices have soared nearly $ 20 per barrel in less than four months, lately spurred by a lingering US Gulf production output that has led to a global shortage of light, easy-to-refine crude oil and a soaring demand for heating fuels in the coming winter.

Source: Xinhua
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