Oil declined following a failed coup in Turkey as shipments continued through the vital conduit from Russia and Iraq to the Mediterranean Sea.
Oil is flowing unhindered through Turkey’s pipelines and waterways, one of the world’s largest energy trading corridors, after a coup attempt against President Recep Tayyip Erdogan failed.
Israeli Prime Minister Benjamin Netanyahu has said his nation’s agreement with Turkey to normalise ties will have immense implications for the Israeli economy.
Socar has said it is interested in buying OMV's Turkish subsidary, according to reports.
Statoil has entered a binding letter agreement into two exploration licenses in the Thrace region in the European north-western part of Turkey.
A documentary film crew from Russia Today (RT) claimed to have uncovered evidence of the alleged links between Turkey and its oil trade links with Islamic State (IS).
Illegal oil and weapons are still managing to flow across the Syrian-Turkish border is said to be continuing despite targeted attacks on Islamic State (ISIS), according to reports.
Turkey’s state oil company will press ahead with plans for an initial public offering as soon as next year, but only if oil prices return to at least $60 a barrel from near $30 now, said chief executive Besim Sisman today.
OMV is said to be seeking a buyer for its Turkish unit Petrol Ofisi in line with its strategy of focusing on upstream and integrated downstream businesses.
Israel’s defence minister has alleged ISIS (Islamic State) has been funded with “Turkish money”. Moshe Ya’alon made the claim as he said the Turkish government was not pulling its weight in the fight against the network.
The Russian defence ministry has claimed the US has turned a “blind eye” to oil allegedly being trafficked from Syria across the border to Turkey. In a statement the ministry claimed the oil being moved was from areas under the control of Islamic State.
Russia’s deputy defence minister has accused the Turkish president and his family of personally benefiting from the illegal oil trade with Islamic State militants.
Russia has been accused of trying to “cover up” its infringement of Turkish airspace with “unfounded” claims that Turkey is illegally importing oil from the Islamic State (IS) group in Syria.
Vladimir Putin has ordered state-of-the-art air defence missile systems to be deployed at a Russian air base in Syria following the downing of a Russian warplane by Turkey.
Oil jumped after Turkey shot down a Russian warplane near the border with Syria, fanning concern that conflict in the region may intensify.
An appeal has been made by the Turkish state gas importer Botas to the International Chamber of Commerce in a bid to resolve a row over the price of gas from Russia. The move has been made after the two countries failed to sign an deal. Earlier this year Turkey said it had obtained a 10.25% price discount on the 28-30 billion cubic metres (bcm) of gas it buys from Russia each year but the two sides have been at loggerheads over the deal for months.
Total has agreed to offload its service station network and commercial assets in Turkey to the Demirören conglomerate for $356 million.
An explosion hit Turkey's Shah Deniz pipeline carrying natural gas from Azerbaijan early on Tuesday but there was no impact on supply because the flow was already suspended for maintenance, a senior Turkish energy official said. It was not immediately clear what caused the blast, but it comes days after an attack by the PKK Kurdish militant group halted the flow in a pipeline carrying crude oil to Turkey from Iraq.
Russian Energy Minister Alexander Novak said on Friday that talks were ongoing with Ankara on the TurkStream gas pipeline project and that Moscow had agreed for a 10.25 percent gas price discount for Turkey.
GE Oil & Gas will provide high-end turbomachinery for the first phase of the landmark Trans-Anatolian Natural Gas Pipeline (TANAP) - a partnership between BP, the State Oil Company of Azerbaijan (SOCAR) and Turkey's state-owned BOTA (Petroleum Pipeline Corporation).
Turkey and Russia's Gazprom are likely to finalise a deal on natural gas prices by mid-July, Turkish officials told Reuters, after Ankara warned last week it could seek international arbitration if they failed to agree. Russia, which supplies more than half the gas consumed by Turkey annually, has already agreed to cut prices by 10.25 percent, but Gazprom's additional demands regarding the Turkish Stream natural gas project are delaying the final signature, a Turkish energy official said. Last week, Turkey said it had the right to take Gazprom to international arbitration if there we no agreement by June 29. Ankara already has a case at the court against Iran, its second biggest supplier.
A meeting between the head of Russia's Gazprom's and Turkish Energy Minister Taner Yildiz is expected to be rescheduled for next week as both sides strive to finalise agreement on a proposed underwater gas pipeline to Turkey, a senior energy ministry official said on Wednesday. Turkey was named as Russia's preferred partner for an alternative to its planned South Stream pipeline to carry gas to southern Europe without crossing Ukraine after Russia aborted the project in December, citing EU objections.
Forty-five managers and employees of a mine in western Turkey have gone on trial accused of causing the deaths of 301 miners who perished in a fire last year in Turkey’s worst mining disaster. The defendants include the chief executive and the general manager of mine company Soma Komur Isletmeleri AS. They did not attend the opening of the trial in Ankara today amid security concerns.
TransAtlantic Petroleum has announced its natural gas prices could rise, after the Turkish government increased its natural natural gas price by 9%. The company said it expects its natural gas price sale to increase concurrently following the announcement.