Kurdistan Says Crude Cargo Near Texas Legally Sold

Posted by Eric Haun
Thursday, July 31, 2014

A $100 million cargo of crude oil in a tanker near Texas was legally shipped and sold by Kurdistan, lawyers for the autonomous region in Iraq told a U.S. court in a letter seen on Thursday, saying Baghdad has no right to the barrels.

They also told the U.S. District Court for the Southern District of Texas that it has no jurisdiction over Kurdish affairs.

Baghdad, in a lawsuit filed with the court earlier this week, said that only it has the authority to export oil under Iraq's constitution, a view that autonomous Kurdistan government rejects.

"The oil cargo in question belonged to the Kurdistan Regional Government (KRG) before it was legally shipped and sold pursuant to KRG's authority under the 2005 Iraqi Constitution and subsequent Kurdistan law," said the letter, which did not identify the buyer of the cargo.

Payments for such shipments are typically made some 30 days after delivery and it is unclear if the buyer will ever receive the cargo.

The U.S. court has ordered the cargo be seized if the oil comes ashore, but the 1 million barrels aboard the United Kalavrvta tanker have been anchored in the Gulf of Mexico since Saturday, outside of U.S territorial waters.

The standoff is the latest dispute over Iraqi Kurds' emboldened steps toward seizing greater political and economic autonomy, with oil sales seen as central to Kurdish dreams of independence that Baghdad opposes.

(Reporting By Terry Wade in Houston; Additional reporting by Julia Payne in London and Michael Georgy)

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Vale Financials Disappoint; Iron Ore Prices, Currency Cited

Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency.

Energy

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Danny Broad Appointed to ARENA Board

The Chair, Board members and staff of the Australian Renewable Energy Agency (ARENA) are delighted to advise that Danny Broad has been appointed by the Australian Government to the Board of ARENA.

News

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Vale Financials Disappoint; Iron Ore Prices, Currency Cited

Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency.

Logistics

Vale Financials Disappoint; Iron Ore Prices, Currency Cited

Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency.

US Natgas Exports Would Raise Energy Prices but Boost Economy

Expanded U.S. liquefied natural gas exports would mean a modest price increase for domestic consumers, but the higher costs would be offset by a boost to the economy, the U.

Iran Gas Exports to Europe Would Take at Least 5 Years

Iran would take at least five years to start exporting natural gas to the European Union if sanctions were removed, industry experts said on Wednesday. Last month,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1119 sec (9 req/sec)