Russia seems to have found a new way to bring its oil to the market in the face of Western sanctions looming on Moscow – through one of the ports of Egypt. This is reported Bloomberg.
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Early on July 24, a cargo of about 700,000 barrels of Russian oil was delivered to Egypt’s Al Hamra oil terminal on the Mediterranean coast, according to ship tracking data. A few hours later, another vessel, the Crested tanker, took oil from the port, which could be partially or completely Russian.
On July 28, the Chris ship left El-Hamra with almost full tanks of oil.
As noted, these events make it difficult to trace the final destination of the cargo.
Al Hamra Port, operated by Egyptian Western Desert Operating Petroleum Co., has six storage tanks capable of holding 1.5 million barrels of crude oil and one buoy for loading and unloading.
The terminal was built to transship crude oil produced in the western desert of Egypt, which makes it possible to mix Russian oil with local.
The owner of the Al-Hamra terminal did not respond to repeated attempts to contact him by phone.
Egypt is already being used by Russia as a transit route for fuel oil, according to Bloomberg. It is not clear whether the episodes in Al-Hamra will remain isolated cases or whether Russian oil will constantly flow into the port.
Previously, tankers carrying Russian oil have transshipped crude from ship to ship off the Spanish city of Ceuta in North Africa, and more recently in the central Atlantic Ocean.
The European Union ban on oil shipments from Moscow, as well as insurance and other transport services, is due to come into effect later this year, adding to pressure on Russia to look for and test different ways to ship its cargo.
Read also: Borrell: Soon Putin will have to choose between weapons and oil for the people
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