Page 7 - FSUOGM Week 50 2022
P. 7
FSUOGM PIPELINES & TRANSPORT FSUOGM
Turkey declares oil tanker traffic jam row
over following agreement on insurance
letters
TURKEY AN insurance dispute that caused a maritime and indemnity insurance against spills and other
traffic jam of tankers carrying Kazakh and Rus- accidents, but Western insurers would not com-
The issue was solved sian oil to build up by Turkey’s vital shipping ply with the demand because, they said, it would
on December 13, straits was declared solved by Ankara on Decem- make them liable for possible sanction breaches.
according to Ankara. ber 13. European diplomats met with insurers and
The announcement of a G7-blessed West- Turkish officials in an attempt at finding a com-
ern price cap on Russian crude last week—as promise text that would suit all parties. Turkey's
part of the economic assault major nations are transport ministry subsequently said tankers
directing at Moscow in response to its invasion have now started to present a "confirmation let-
of Ukraine—prompted Turkey to hat the passage ter" of applicable insurance.
of tankers. It argued, there was a possibility of "There are no tankers loaded with crude wait-
uninsured ships passing through the Bosporus ing for passage," the ministry said in a statement.
and Dardanelles straits, given that if they were The row in the Turkish straits hardly
carrying shipments not conforming to the price impacted the global oil market—most Western
cap then their insurance coverage, arranged on countries no longer purchase Russian crude. An
Western markets, could be deemed invalid. analysis by Bloomberg showed most Russian
Turkish coastguards demanded letters from tankers now head for Asian markets through
tankers guaranteeing the ships had protection the Suez Canal.
INVESTMENT
Russia’s Gazprom to replace over 20
Eurobond issues
RUSSIA RUSSIAN natural gas giant Gazprom has of introduction of sanctions against the National
replaced seven Eurobonds issues with identical Settlement Depository, the portfolio amounted
Gazprom wants to local bonds and plans to replace 15 more, Prime to an equivalent of $24.bn and comprised 24
replace sanctioned reported citing Gazprom’s representative Ignat series. There also is a 25th series in the Japanese
Eurobonds with Dirks. yen, but there are no Russian holders there,”
domestic ones. To remind, servicing both corporate and Dirks said as cited by Prime.
sovereign Eurobond issues is blocked as the
Russian National Settlement Depository (NSD)
is sanctioned by the European Union in the sixth
sanction package for Russia’s military invasion
of Ukraine.
Now Russian bondholders of Gazprom can
have the blocked Eurobonds replaced by domes-
tic bonds with the same parameters.
The Gazprom representative estimated that
the share of Russian holders of the bonds ranged
from 30% to 40% and even to 50% depending
on the issue, of which individuals accounted for
about 5-10%. Dirks estimated that the average
ratio of conversion of Eurobond for local bond-
holders exceeded 95%.
“Gazprom entered the situation with the larg-
est bond portfolio on the market. At the moment
Week 50 15•December•2022 www. NEWSBASE .com P7
