Business

Turkey’s Ceyhan oil terminal, Iraq’s KRG pipeline halted after quake

A major earthquake that struck Turkey and Syria early on Monday has halted operations at Turkey’s oil terminal in Ceyhan and flows via Iraq’s northern oil export pipeline from Kirkuk.

Turkish pipeline operator BOTAS said there was no damage on main pipelines which carry crude oil from Iraq and Azerbaijan to Turkey. An emergency meeting will take place on the issue, the Tribeca shipping agency said.

For the latest headlines, follow our Google News channel online or via the app.

In a notice, Tribeca said ports in southeastern Turkey are affected by the quake and that delays in operations are reported.

Iraq’s Kurdistan Regional Government (KRG) has halted flows through the pipeline which runs from Iraq’s northern Kirkuk fields to Ceyhan, the region’s ministry of natural resources (MNR) said on Monday.

The KRG had been pumping 400,000 barrels per day (bpd) and Iraq’s federal government was pumping 75,000 bpd through the pipeline, an oil industry source told Reuters.

Oil exports will resume after a “careful inspection of the pipelines is finalized,” an MNR statement said.

Most upstream oil producers have several days of storage capacity, so KRG production should continue in the near term, the oil industry source added.

Azerbaijan

Regarding Azeri crude flows to Turkey, two sources said there was no damage at the Baku-Tbilisi-Ceyhan (BTC) terminal, but one of the sources added that inspections would take place over the next 1-2 days.

There is sufficient storage capacity in Ceyhan and in Baku, and flows could be reduced if needed, the second source said.

The eastern Mediterranean terminal of Ceyhan is some 155 km (96 miles) from the area of the quake’s epicentre.

The magnitude 7.8 quake struck southern Turkey and northwest Syria early on Monday, killing and injuring hundreds as buildings collapsed across the region.

State pipeline operator BOTAS said natural gas flows were halted to Gaziantep, Hatay and Kahramanmaras provinces and some other districts as a result of damage to a gas transmission line.

Residents in northern Iraqi provinces reported feeling a light tremor following the earthquake.

Business

Credit Suisse managers could face disciplinary action, Swiss regulator says

Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS.
FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the regulator’s main focus was on “the transitional phase of integration” and “preserving financial stability.”

For the latest headlines, follow our Google News channel online or via the app.
UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock a week ago and to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities during a period of market turmoil in global banking.
Credit Suisse on Sunday declined to comment on the FINMA President’s comments when asked by Reuters for a response.
Asked whether FINMA is looking into holding current Credit Suisse managers accountable for the collapse of Switzerland’s second-largest bank, Amstad said it is “exploring the options”.
“CS had a cultural problem that translated into a lack of responsi-bilities,” Amstad was quoted as saying by NZZ, adding: “Numerous mistakes were made over several years”.
FINMA had conducted six public “enforcement proceedings” against Credit Suisse in recent years, Amstad said.
“We have intervened and used our strongest instruments,” she said of its previous moves.
Amstad also defended Switzerland’s decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 (AT1) debt, to zero as part of the forced rescue merger.
“The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support,” Amstad said.
“The bonds were created precisely for such situations.”

Credit Suisse buyout was for financial stability: Bank chief

Credit Suisse, UBS deal: What you need to know

Business

Aramco affirms support for China’s energy security

Saudi Arabian oil giant Aramco affirmed on Sunday its support for China’s long-term energy security and development, the company’s CEO Amin Nasser said in remarks made before a forum in Beijing.

For the latest headlines, follow our Google News channel online or via the app.

Nasser said that the company has partnerships and emission-reducing technologies with China to make lower carbon products.

Oil prices hit lowest in 15 months on banking fears

European Commission to revamp power market rules, aiming to blunt price spikes

Business

Kuwait Oil Co dealing with ‘limited fire’ at well where oil leak occurred last week

Kuwait Oil Company said on Sunday it is dealing with a “limited fire” that erupted at a well where oil leaked last week.
The company said in a statement that no injuries had been reported at the scene.
“The company’s operations in the area have not been affected,” the statement read.
Kuwait Oil Company declared a state of emergency last Monday due to an oil leak in the west of the country.

Developing