EU imposes oil embargo on Iran

[Climber]

War mongering 'mericans and juice sums up this thread rather nicely.

What Juice?

[Royal]

total BS. People not familiar with the oil industry maybe shouldn't be allowed to comment about it ... because those comments invariably are laughable.

Yeah?

http://in.*******.com/article/2011/1...7B60EF20111207 (R e u t e r s)

The author's bio (my bold):

John joined R e u t e r s in 2008 as one of its first financial columnists, specialising in commodities and energy. While his main focus is on oil markets, he has written broadly on the emergence of commodities as an asset class, regulatory issues and macroeconomic themes. Before joining R e u t e r s, John spent seven years as a senior analyst for Sempra Commodities (now part of JP Morgan) covering base metals and crude oil. Previously, he worked as an analyst on world trade, banking and financial regulation for consultancy Oxford Analytica

He's been paid by several commercial organisations to be familiar with the oil industry. I'm paid by one to have a passing knowledge, and know who to talk to...

[medo]

I have impression with reading comments here, that West already win the war with Iran and it doesn't even start yet.

[Jacknola]

Yeah?

http://in.*******.com/article/2011/1...7B60EF20111207 (R e u t e r s)

The author's bio (my bold):



He's been paid by several commercial organisations to be familiar with the oil industry. I'm paid by one to have a passing knowledge, and know who to talk to...

Financial analysts are generally pretty ignorant about the nuts and bolts of any part of the oil industry, from E&P to M&R. They are usually pretty good at looking at yearly statements, accounting etc. No difference here ... the orginal statement that Greece depends on low sulphur oil from Iran was a WHOPPER of BS.

Oil is an international business with crude and product moving world-wide. Greek refineries were upgraded long ago, and Greece has far more refining capacity than needed for domestic consumption.

_________________

http://en.wikipedia.org/wiki/Hellenic_Petroleum (below)

Hellenic Petroleum operates three refineries in Greece, in Thessaloniki, Elefsina and Aspropyrgos, which account for 73% of the refining capacity of the country (the remaining 27% belongs to Motor Oil Hellas), and one in the FYROM, the OKTA refinery, which is supplied by crude oil through pipelines from Thessaloniki and covers approximately 85% of the country's needs. Crude oil for the refineries is supplied from Saudi Arabia, Iraq, Iran, Libya and Russia. The company also operates over 1400 gas stations in Greece and about 350 gas stations in Albania, Georgia, Serbia, Bulgaria, Cyprus, Montenegro and FYROM. It also has a network which sells LPG, jet fuel, naval fuels and lubricants.

http://www.hydrocarbons-technology.com/projects/elefsina-refinery/ (below)

Helpe is a Greek refining and marketing company that owns 72% of the country's wholesale market. The refining ability of its three refineries – Aspropyrgos, Thessaloniki and Elefsina – is equivalent to 73% of Greece's total refining ability.

The changing trends in diesel and fuel oil consumption in Europe combined with the shortage of diesel in European markets prompted Helpe to plan the refinery's upgrade. Helpe began the upgrade in 2007 to maximise its diesel production, produce more complex fuels and meet environmental regulations. The refinery's upgrade will increase the processing of high sulphur crude to 100% from the current 60%, while that of medium sulphur crude will come down to nil from 41%.

http://www.indexmundi.com/greece/oil_consumption.html (below)

re: Greek oil consumption, daily: Oil - consumption: 371,300 bbl/day (2010 est.)

http://www.mbendi.com/indy/oilg/ogrf/eu/gr/p0005.htm Re: Greek refining capacity daily. (below)

According to the 2010 BP Statistical Energy Survey, Greece had a 2009 refinery capacity of 425 thousand barrels a day, 0.46% of the world total.

Hellenic Petroleum owns almost half of Greece's refining capacity, which totaled 401,400 bbl/d in January 1, 2004. HP's Aspropyrgos facility refines about 134,900 bbl/d, while the Thessaloniki refinery has a 66,500-bbl/d capacity. Two private refineries, owned by Motor Oil Corinth Refineries and Petrola Hellas, are export oriented; selling only limited volumes to the national market. Motor Oil, which had been majority-owned by Saudi Aramco, was partially sold off to Petroventure of Jersey (UK) in July 2001, a joint venture of Aramco and Vardinoyannis, which separately each own 16.4% of Motor Oil. HP also is the largest player in the Greek retail oil market at a 26% market share. U.S.-based Texaco and British-Dutch Royal Dutch/Shell decided in 2000 to trade Texaco's Greek retail assets for some of Shell's United Kingdom retail assets.

__________________________

As a Petroleum Engineer 35 years experience, I'll send you a bill for my consultations.

[Royal]

Food for thought and thank you for the sources.

But

1. Who said depends?

2. HelPe owns "73% of Greece's total refining ability" or "almost half of Greece's refining capacity"

which is it?

Is 73% of refining capability being capable to dealing with Saudi crude or almost half of Greece's refining capacity?

At the end of the day I don't really care which it is - all I know is that Athens is still pushing for an exemption from the EU action (as are Rome and Madrid). That lends more weight to John Kemp's argument than your links as far as I'm concerned.

[Laworkerbee]

Does Greece have the option to back out but not be sanctioned herself?

[Camera]

Greece is against the sanctions because Iran accepts to sell it crude oil in credit while other suppliers refuse wants it to pay cash because of debt problems.

[Camera]

Does Greece have the option to back out but not be sanctioned herself?

Yesterday's reports said that Greece accepted to adhere to the sanctions.

[sec]

Argue about Iran and oil and war not being a video game etc. all you want...but for f*ckssakes you might want to remember before asking silly questions or making statements about experience, that there are cases on here when a persons username (Royal) or avatar and age (Jacks) listed under their name might give you a frigging clue as to who they are and what they actually did for a living.

You don't have to agree with them but it would probably be easier for everyone around here. Try and keep it civil.

It's impossible to agree with Jacks downright genocidal thoughts regardless of who he is.

[medo]

It sounds like Greece impose oil sanctions on itself. This will be interesting in times of really deep crisis.

[Camera]

It's impossible to agree with Jacks downright genocidal thoughts regardless of who he is.

His expression was crude but he wasn't genocidal.

[Laworkerbee]

So who can better weather the storm? Who has time on their side?

[Wahnsinn]

And if the US turns into a net oil producer as some anticipate, we can def pick up the slack

Saudis must have their troll face on

All oil isn't created equal. It isn't always economically viable to ship some types of oil halfway around the world.

[California Joe]

It's impossible to agree with Jacks downright genocidal thoughts regardless of who he is.

Like I said, I don't care if you agree or not.

But reading posts about war not being a video game or a movie when they're addressed to a 67 year old combat veteran was getting on my last goddamned nerve.

[Hollis]

It's impossible to agree with Jacks downright genocidal thoughts regardless of who he is.

I really don't care what you think is impossible to agree with, keep the extreme comments, insults out of the forum. As CJ stated, Keep it civil.