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Mediterranean
refiners are suffering shortages of crude oil as
Turkish security restrictions and bad weather cause
a traffic jam of tankers carrying Russian oil
through the straits of the Bosporus and Dardanelles.
The congestion threatens a supply
crunch similar to that experienced by European
refiners during the Gulf war of 1991.
Some senior oil executives buying
oil for their refineries in Spain, Italy, France,
and Germany are having to reduce their operations,
as they face delays of 20-25 days and daily tanker
fees of $50,000 (€39,000).
The jam has forced Russian
producers to halt one pipeline sending oil to the
Black Sea because storage tanks are full and tanker
loadings are delayed.
"The Bosporus problem is hitting
very hard," said one refiner in Spain. "If you have
big delays, the whole programme of the refinery
system suffers. We have to go to the spot market to
find another oil cargo, probably more expensive and
with a quality less suitable for the refinery
system."
The transit route of the Bosporus
and Dardanelles straits, one of the most important
export points for Russia, Europe's biggest supplier,
is known for problems and delays. But the delays
this year are compounded by the fact that refiners
can no longer rely on the Iraqi substitute for
Russian oil.
Kirkuk oil, from Iraq's northern
oilfields, resembles Russia's Urals oil. But Kirkuk,
which is transported by pipeline to the Turkish port
of Ceyhan, has not been available since March
because of the sabotage of Iraq's section of the
pipeline.
The problems have more than
tripled tanker rates from the usual daily
$20,000-$25,000 to $70,000-$90,000. Refiners can
scarely afford the extra cost on top of oil prices
50 per cent above the long-term average.
Some European oil executives and
diplomats argue that Turkey's recent decision not to
allow larger tankers to t ravel through the winding
strait by night was also motivated by its wish to
see oil companies build a lucrative alternative
pipeline in the country and speed up the
construction of the $3bn pipeline from Azerbaijan.
Hilmi Guler, Turkey's energy
minister, said last week: "Naturally, we do not want
the straits to be used as a pipeline. We have to
think in terms of both the environment and security.
Oil traffic is continually increasing and we want to
find a solution."
But the environmental and security
risks are grave, with many believing it is only a
matter of time before a catastrophe occurs. The
passage leads tankers through Istanbul, and the busy
commuter and fishing traffic of the area has a poor
safety record.
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