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Sep 6, 2014

Iraq refiles case in U.S. court over disputed Kurdish crude

HOUSTON (Reuters) – Iraq has refiled in U.S. court to gain control of $100 million of Kurdish crude oil on a tanker near Texas, days after the court ruled it lacked jurisdiction to seize the cargo but said it could hear arguments over who is the oil’s rightful owner.

Iraq, in court documents seen on Friday, widened its case to include potential buyers of the cargo and said the Kurdistan Regional Government has not stated if it currently owns it.

Sep 4, 2014

BP found ‘grossly negligent’ in 2010 U.S. spill, billions in fines loom

HOUSTON (Reuters) – BP Plc (BP.L: Quote, Profile, Research, Stock Buzz) was “grossly negligent” for its role in the oil spill in the Gulf of Mexico four years ago, a U.S. district judge said on Thursday in a ruling that could add billions of dollars in fines to the more than $42 billion in charges taken so far for the worst offshore disaster in U.S. history.

Shares of BP traded in the United States fell 5 percent, or $2.40, to $45.31, eroding about $8.8 billion of its market value. BP shares traded in London closed down nearly 6 percent, the worst one day slide in more than four years.

Aug 28, 2014

Disputed Kurdish oil tanker mysteriously goes dark off Texas coast

HOUSTON, Aug 28 (Reuters) – A tanker near Texas loaded with
$100 million of disputed Iraqi Kurdish crude has disappeared
from satellite tracking, the latest development in a high stakes
game of cat-and-mouse between Baghdad and the Kurds.

The AIS ship tracking system used by the U.S. Coast Guard
and Reuters on Thursday showed no known position for the United
Kalavrvta, which was carrying 1 million barrels of crude and 95
percent full when it went dark.

Aug 26, 2014

Impasse over Kurdish tanker near Texas to drag on, more tussles likely -source

HOUSTON, Aug 26 (Reuters) – A tanker loaded with $100
million of Kurdish crude oil cannot be delivered in Texas soon
because of risks for buyers as Iraq mulls further legal
challenges, so a month-long standoff will drag on, a source
close to the matter said on Tuesday.

A U.S. court on Monday threw out an order to seize the 1
million barrel cargo from the United Kalavrvta tanker in the
Gulf of Mexico, after acknowledging it lacked jurisdiction
because the ship is beyond U.S. territorial waters, about 60
miles (97 km) offshore.

Aug 26, 2014

Impasse over Kurdish crude cargo near Texas to drag on: source

HOUSTON (Reuters) – A tanker loaded with $100 million of Kurdish crude oil cannot be delivered in Texas soon because of risks for buyers as Iraq mulls further legal challenges, so a month-long standoff will drag on, a source close to the matter said on Tuesday.

A U.S. court on Monday threw out an order to seize the 1 million barrel cargo from the United Kalavrvta tanker in the Gulf of Mexico, after acknowledging it lacked jurisdiction because the ship is beyond U.S. territorial waters, about 60 miles (97 km) offshore.

Aug 26, 2014

U.S. court scraps order to seize Kurdish crude from tanker near Texas

HOUSTON, Aug 25 (Reuters) – A U.S. court on Monday threw out
an order to seize some 1 million barrels of disputed Iraqi
Kurdish crude oil from a tanker near Texas, a move that could
allow the cargo to be delivered and end a nearly month-long
impasse.

The United Kalavrvta tanker, carrying about $100 million
worth of Kurdish crude, has been anchored in the Gulf of Mexico
for weeks, as the Iraqi region of Kurdistan wages a legal battle
over ownership with the central government of Iraq.

Aug 12, 2014

Oil tankers in limbo show Kurds losing access to U.S. market

LONDON/HOUSTON, Aug 12 (Reuters) – U.S. refiners will
refrain from buying more Kurdish crude oil until a long-running
dispute between Baghdad and Iraqi Kurdistan is settled, while
Washington urges both sides to set aside their differences and
helps them tackle Sunni militants.

The two known U.S. buyers of Kurdish crude oil have now
rejected delivery of cargoes from tankers near New Jersey and
Texas, saying they will not make further purchases until it is
determined who has the right to sell the oil: the central
government of Iraq or the Kurdistan Regional Government (KRG).

Aug 1, 2014

Axeon says it bought Kurdish crude weeks before Iraq suit

HOUSTON, Aug 1 (Reuters) – An asphalt maker in New Jersey
became the second U.S. company to publicly confirm buying
Kurdish crude oil, saying on Friday it had imported a cargo just
weeks before an Iraqi lawsuit over a separate $100 million
shipment offshore Texas.

In response to questions from Reuters, Axeon Specialty
Products said it received the Kurdish Shaikan crude cargo in
June at its Paulsboro refinery.

Jul 31, 2014

Kurdish oil exports stumble as U.S. buyer balks; more tankers in limbo

HOUSTON/ISTANBUL, July 31 (Reuters) – Efforts by Iraqi
Kurdistan to boost its finances through bulk oil sales suffered
a setback on Thursday as its main U.S. customer swore off more
purchases and Baghdad vowed to block delivery from oil-laden
vessels like one the Kurds were loading for export.

U.S.-based chemicals and refining company LyondellBasell
, in its first comments on the controversy, said that
after receiving previous shipments it was halting all purchases
of what it called disputed Iraqi crude.

Jul 31, 2014

LyondellBasell stops buying Kurdish crude amid dispute

NEW YORK/HOUSTON, July 31 (Reuters) – Chemicals firm
LyondellBasell, part of Ukrainian-born billionaire
Leonard Blavatnik’s business empire, said it will quit buying
“disputed” oil from Iraq – one day after Reuters identified it
as the mystery American importer of Kurdish crude.

Following a Reuters report on Wednesday that, for the first
time, identified the company’s Houston Refining LP unit as
having imported two small cargoes of heavy, sour Kurdish crude
in May, LyondellBasel confirmed that the company had recently
purchased “modest quantities” of what it called “Iraqi crudes”.

    • About Terry

      "I lead our coverage in Peru, where I have been since August 2007. Before that, I worked in Brazil for seven years covering all things under the sun."
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