More Kurdish Oil Seen Coming to U.S. as Disputed Tanker Leaves More Kurdish oil will probably head to the U.S. even as a tanker carrying 1 million barrels of disputed crude returns to the Mediterranean Sea six months and $60 million less valuable after anchoring off Texas. The United Kalavryta is heading to Gibraltar, Kyriakos Maragoudakis, operations manager at Piraeus, Greece-based Marine Management Services M.C., the ship’s operator, said by e-mail Tuesday. The tanker didn’t unload, he said. The Kurdistan Regional Government plans to send more cargoes to the U.S., the semi-autonomous region’s lawyer said in a letter to the judge hearing the dispute between the KRG and Iraq over ownership of the cargo. The U.S. Gulf Coast can process more than twice as much oil as Iraq produces, with refineries that have invested in equipment to handle a wide range of crudes, making the region an attractive destination for cargoes. For now, this test case is a costly setback for the Kurds as oil prices have plunged the most in more than five years. “The owners of that cargo had to be pulling their hair out,” Jim Krane, an energy studies research fellow at Rice University’s Baker Institute for Public Policy in Houston, said by phone. “They’re sitting on this [...] newsintx/more-kurdish-oil-seen-coming-to-u-s-as-disputed-tanker-leaves/
Posted on: Tue, 27 Jan 2015 19:40:44 +0000
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