Turkey to Repatriate Overseas Energy Firms Amid Sanction Threats

Turkey will move some state-owned energy companies established in overseas jurisdictions home to shield the industry from the threat of sanctions.

Parliament approved legislation allowing the changes late on Thursday.

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The new rules are aimed at protecting companies active in oil and gas exploration, as well as mining, from potential punitive actions, Energy Ministry official Suleyman Onel told lawmakers, citing past U.S. sanctions targeting members of the government.

Some European Union countries have threatened to force the bloc to adopt similar actions against Turkey over its search for hydrocarbons in contested eastern Mediterranean waters.

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