Turkey searching alternative energy sources after exemption from Iran sanctions.

Text of report in English by Turkish newspaper Today's Zaman website on 12 June

[Report by Ergin Hava: "Free of Iran sanctions, Turkey flags overhaul in gas trade"]

What is in a sanction for Turkey? Well, it depends on the country in question, and it surely means a lot when this country is Iran, one of Turkey's major oil and gas providers. Tuesday's reports that the Turkish government was embarking on a new quest to diversify its gas and oil supply channels normally say no more than stating the obvious. However; as the popular motto during and following the 2008 global financial crisis goes; we are not living in normal times.

Each market pundit knows well it is quite natural for the energy-poor Turkey to seek new - and cheap if possible - supply channels in the face of ballooning domestic demand. However; reports on Tuesday that the US has exempted Turkey from financial sanctions along with six other countries, which gives meaning to the country's recent energy supply campaign. US Secretary of State Hillary Clinton said on Tuesday that the US would exempt …