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Yep, changing oil is ALL that's required for the turbo and yes, I also own an older Volvo turbo car myself (now 228K miles, oil cooled only type turbo). It's important to change oil more frequently than with a non-turbo engine (if you're one to let oil changes go for longer than ideal intervals) or use a good synthetic oil which is better for turbo bearings.
Turbo failures on newer water cooled turbos (newer than '87) are very rare. The only times I've seen water cooled turbos fail is when the owner rarely changes their oil (pure neglect) and by then, the engine isn't much better either.
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