Posted by: hevallo | August 11, 2008

Kurds Politicise Caspian Oil!

Aug. 7 (Bloomberg) — Crude oil rose for the first time in four days after Turkey said a pipeline carrying crude to the Mediterranean from Azerbaijan may remain shut for two weeks following an explosion on Aug. 5.

The pipeline is able to ship 1 million barrels a day, Ali Gungor, governor of the Erzincan province, where the blast occurred, said today. A Kurdish separatist group claimed responsibility for bombing the line, which is still burning.

“This is a global market, so it does have an impact around the world”, said Peter Beutel, president of Connecticut- based Cameron Hanover Inc.

“This is a pipeline that has not been attacked before. To have it now politicized by the Kurds opens up a whole new realm of political frustration and supply loss.”

Crude oil for September delivery rose $1.44, or 1.2 percent, to settle at $120.02 a barrel at 2:55 p.m. on the New York Mercantile Exchange. Earlier, the contract touched $121.78 a barrel.
New York futures fell as low as $117.11 a barrel yesterday after an increase in U.S. inventories.

That’s more than 20 percent below the record $147.27 on July 11, a threshold commonly seen as the start of a bear market.

“That there’s no significant follow-through selling after going through some stops yesterday shows there’s strength in the market,” said Michael Fitzpatrick, vice president for energy risk management at MF Global Ltd. in New York. That’s adding support along with concern about the Turkish pipeline, he said.

Pipeline operator BP Plc canceled export obligations.

Kurds

The fire continues to burn in a “controlled manner,” Huseyin Sagir, a spokesman at Turkish pipeline company Botas International, said.

The Kurdistan Workers’ Party, or PKK, said it bombed the pipeline, the Kurdish news agency Firat said on its Web site today.

The PKK, which has been fighting for autonomy in largely Kurdish southeast Turkey for two decades, attacked a section of the pipeline in east Turkey late on Aug. 5, the report said.

“Flows from the Caspian play an important role in non-OPEC supply growth this year, given an increasingly deteriorating growth outlook for Russia,” said Harry Tchilinguirian, senior oil analyst at BNP Paribas SA in London. “The region is one of the fastest areas of crude supply growth.” Source: Bloomberg

See what Dr Bahoz Erdal, Commander of HPG says about the attacks and what more can be expected in the future. …………..

“Guerrillas will continue to strike the economy” HPG Headquarters Commander Erdal said,

“We think that attacks against economic resources have a deterrence effect in a war that aims to annihilate a people. If the Turkish state insists on waging the war, similar operations [by us] will continue.”

Commenting on the sabotage against the BTC oil pipeline, HPG Headquarters Commander Dr. Bahoz Erdal said, “Naturally, such operations will continue if the Turkish state insists on war.”

While the fire at the BTC oil pipeline, by sabotage, continues, more sabotage news came from Tatvan.

In its statement, HPG announced that the guerrillas conducted a sabotage against a loaded train, heading from Tatvan to Muş, that was carrying military material.

HPG Headquarters Commander, Dr. Bahoz Erdal warned as follows:

“We think that attacks against economic resources have a deterrence effect in a war that aims to annihilate a people. If the Turkish state insists on waging the war, similar operations will continue.”

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Responses

  1. With all the given facts it’s remarkable to see that the Turkish authorities still denies any form of sabotage from the Kurdish resistance movement. The world sure is upside down.


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