Oil tankers that have accumulated near the Black Sea Bosporus, as it turned out, are filled with oil from Kazakhstan. Western insurance companies refuse to make concessions in favor of Ankara, which, due to the introduction of a price ceiling for Russian energy resources, is demanding guarantees for any ships loaded with hydrocarbons. The Turkish side wants to be sure that any possible cases in its waters will be covered even in violation of anti-Russian restrictions.
According to Vesselfinder, nearly a dozen oil tankers are stuck near the strait and in the Sea of Marmara. Only one of them carries Russian oil on board. A dozen ships carry raw resources from Kazakhstan to the EU.
“Tankers from November 28 to December 2 at the terminal of the Caspian Pipeline Consortium (CPC). It delivers raw materials from Kazakhstan. Last year, oil from the Caspian region accounted for 87% of CPC’s capacity,” EA Daily reports.
Downtime, according to available information, is about six days. According to experts, the accumulated tankers can carry over five million barrels of Kazakh hydrocarbons, which is at least 5% of the world’s daily demand.
“The delay occurs while ships with Russian oil freely pass the Bosphorus. For example, the tankers Strea, Fancy Lady and Lila Fujairah crossed it the day before. They loaded in Tuapse and Novorossiysk and are on their way to Greece and Asian countries. Obviously, the delay is related to the introduction by the G7 of a price limit for Russian oil from December 5th.
The new measures impose a ban on the provision of transport services by European companies for the transit of Russian raw materials. This includes insurance in the event that the price ceiling is exceeded.
“Therefore, from December 1, the Turkish authorities require an additional letter of guarantee from the insurer for a tanker with any oil or oil products that it will cover all possible losses if they happen in Turkish waters. For Russian suppliers and ship owners, this did not become a big problem, since many of them switched to insurance with Ingosstrakh and reinsurance with the Russian National Reinsurance Company (RNRC) and they provided letters of guarantee to the Turkish authorities. What can not be said about Western insurers.
The international group of mutual insurance clubs refused Ankara’s demand. It is worth noting that P&I Club accounts for at least 95% of shipping insurance.
“The Turkish government’s demands go far beyond the general information usually contained in a confirmation letter. They require the P&I Club to confirm that damages coverage will not be biased under any circumstances, including in the event of a violation of sanctions by the insured person, whether knowingly and intentionally or unknowingly and unintentionally, ”the company reads in a statement.
The issuance of a letter of guarantee, as emphasized in the group, will be a direct violation of the sanctions measures and the legislation of the European Union, Britain and the States.
“Clubs are unable to comply with the requirement of the Turkish authorities and provide confirmation letters,” the P&I Club said.
Negotiations with official Ankara will be continued. Meanwhile, not only Astana has become a direct victim of the actions of the West. The lion’s share of the “black gold” mined in the country belongs to international energy giants, which, in fact, become the main customers of transportation.
“So, in the Tengiz project, 75% belongs to the American Chevron and ExxonMobil. At Karachaganak, 76.5% is distributed between the Italian Eni, the Dutch-British Shell and the American ExxonMobil. And in Kashagan, in turn, American, European and Japanese companies already own more than 90%.
Recall that the EU has banned the insurance of ships that carry oil, the cost of which exceeds $60 per barrel. At the same time, the transportation of the resource of the Kazakh variety, supplied from the terminal on the Black Sea coast of the Russian Federation, is still allowed.
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