Iranian oil stuck in Egypt as Turkey cuts imports

July 13, 2012 14:45


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


LONDON - Turkey is struggling to import Iranian oil in July because of Western sanctions on ship insurance, trading and shipping sources told Reuters, leaving Tehran battling to sell oil now stuck in storage tanks in Egypt.

Turkey, which relies on Iran for half its crude needs, has already cut imports of Iranian oil by a fifth from average levels of 2011 to win waivers from US sanctions.

But volumes will now likely fall much steeper as Turkish main refiner Tupras cannot import Iranian oil on Turkish tankers after European Union sanctions against Tehran stopped the region's firms, which dominate the marine insurance sector, from offering cover on Iranian crude.

"Tupras was lifting Iranian crude with its own tankers up until July... This is no longer possible... They are now focusing more on lifting from Libya, Saudi Arabia and Iraq with its tankers," said a Turkey-based shipping source.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
November 16, 2018
Report: Over 100 Rohingya Muslims arrested on boat