Dinar Daily NEWS Blog

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Word for the day…

Psalm 34:8  (NKJV)

Oh, taste and see that the Lord is good;
Blessed is the man who trusts in Him!

Heavenly Father, we trust in You :)  In Jesus Name, Amen.

Mrs BGG

Update…

Poppy3 - …GOT A RUMOR FROM IRAQ THAT  THE RATE WILL CHANGE NEXT WEEK SOMETIME? WHO KNOWS…AT LEAST I KNOW THE SOURCE IS IN BAGDAD AND HE WAS TOLD THIS TWICE TODAY THAT INSIDE THE GREEN ZONE BUT DOES NOT KNOW THE ORIGINAL ORIGIN OF THE STATEMENT.   I HOPE IT TO BE TRUE LIKE ALL OF US BUT ONLY TIME WILL REVEAL THE TRUTH.

Read More: http://dinarupdates.com/observer/


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“VICTORY EVICT MALIKI”  DAY +47!!

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*** Current News ***

For a peek at all the most up-to-date DU News – check the Iraq News Thread (in the forum)…

http://www.dinarupdates.com/showthread.php?14649-The-Dinar-Daily-Friday-October-24-2014

http://www.dinarupdates.com/showthread.php?14659-The-Dinar-Daily-Saturday-October-25-2014

Finance Minister heads a ministerial meeting to discuss the financial and economic policy

Held Thursday evening October 23, 2014, the ministerial committee set up by the Council of Ministers at its sixth meeting 10/20/2014, a meeting to arrange the priorities of the federal budget for fiscal year 2014, to reduce the budget deficit and to search for solutions to the financing of the deficit and the search for solutions to increase the resources of the state.

The meeting was held under the chairmanship of the Minister of Finance and the presence of the ministers of oil, defense and interior, electricity, and representatives from the Ministry of Planning and the Central Bank and a number of experts…

http://www.dinarupdates.com/showthread.php?14659-The-Dinar-Daily-Saturday-October-25-2014&p=80740&viewfull=1#post80740

BGG ~ This meeting looks very encouraging – take note of the experts and major players in atttendance… Very curious the presence of Saleh (CBI) and NOT Ali al-Allaq (temp Gov.)…

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Stop in for “NEWS TIME” with Millionday - Saturday evening on CHAT at 7:30pm EST!!

www.DinarUpdates.com - save as favorite!!

Parliament is expected the arrival of the general budget of the beginning of next week

Tomorrow Press / Baghdad: the Finance Committee in the House of Representatives predicted on Saturday, sending the federal budget for 2014, the beginning of next week after the ministerial committee made some adjustments to their doors.

Said committee member Rep Ibtisam al-Hilali for “tomorrow’s Press,” “The doors in the budget has been spent in the last period and dragged me checking out now in the hope that the Council of Ministers of which ends up in the coming period.”

She added that “among the things that are processed is a large proportion of the budget deficit by reducing investment and operating expenses to less than what is proposed in the general budget.”

It is noteworthy that the state budget for the current year did not recognize until now since I sent the government for nearly eight months to former House were not included on the agenda, while procrastinated the Presidency the previous inclusion due to the lack of agreement of the political blocs on them, and still those harassment continuing While people are waiting for things to material related thereto as well as projects stalled.

http://www.dinarupdates.com/showthread.php?14659-The-Dinar-Daily-Saturday-October-25-2014&p=80719&viewfull=1#post80719

“It’s all done..” Dinar Talk INFO Call

Oct 23rd w/BGG – 8:30pm CST

Click-N-Listen!!

Smart phone user link – Click here

Leaders of political blocs are negotiating to end debate and approve oil and gas law

Baghdad – Iraq - revealed the Commission on oil and energy parliamentary, on Saturday, for the negotiations conducted by the leaders of political blocs represented in the House of Representatives to end the controversy regarding the oil and gas law and approval.

The committee member said MP Hussein by l / Iraq Press / that “negotiations were under way, these days, between the heads of the blocks to get to the final version of the draft law of oil and gas and an end to the dispute of oil between the federal government and the Kurdistan Regional Government constant since the year two thousand and seven.”…

http://www.iraqpressagency.com/ar/archives/100651

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Currency new class 50 thousand dinars is written in both Arabic and Kurdish

Baghdad-Iraq press – the parliamentary Economic Committee, said Thursday that the Central Bank of Iraq had informed her that the new currency be issued with a category (50 dinars) will be written in both Arabic and Kurdish.

Committee member Rep. Osman doski said the for/Iraq press that “the Commission hosted the past two days, the Governor of the Central Bank on the relationship, and the discussion on the inclusion of Kurdish in Iraqi currency,” adding that “relations welcomed the idea, emphasized that the new currency will be issued soon, with 50,000 dinars will be in both Arabic and Kurdish, as well as the rest of the coins issued in the future.”

He formed the Kurdish deputies asked the relationship during the meeting, the necessity of opening branches of the Rafidain Bank and Rasheed provinces of Kurdistan, for the benefit of staff of 100 advance salary, explaining that “the position of Governor of the Bank was positive about their demand.”

http://www.iraqpressagency.com/ar/archives/100157

This was an article out yesterday and posted using the Bing translator (by OOTW) – very insightful…

BGG: My point was – if they are talking about a note in the future worth 50 Dollars – and a 50 Dinar note would be as much after a shift in value – so as not to alarm their population about the value of their currency – they just say a “new” note = 50,000 Dinars – implying a new note worth 50 Dollars (in a “value language” their citizens understand). Nowhere did they say this was a new 50,000 Dinar note. It is a new “class”, a new note, having the value of… AND – they added…

“…as well as the rest of the coins issued in the future.” How does one reconcile these two statements?? Easy – 1:1…

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Iraq has a cash reserve of more than $ 74 billion

BAGHDAD / JD / .. squandered the parliamentary finance committee dangerous drop in oil prices and the global economic crisis on the impact of the Iraqi economy, as has cash reserves of more than $ 74 billion.

Said committee member Rep Wafa Ahmed Kadhim told / JD /: “The bank’s currency reserves of nearly 74 billion dollars, which is twice the mass of cash in circulation in the country, and this does not exist in the best countries in the world which is a good indicator to reassure the Iraqi people.”

She added: “The Iraqi economy is immune from the global economic crisis and low oil prices,” likely advancement of the Iraqi economy in the coming period, especially after the implementation of the government program to support the private sector, “./ ended / 8 /

http://www.dinarupdates.com/showthread.php?14659-The-Dinar-Daily-Saturday-October-25-2014&p=80726&viewfull=1#post80726

home7

Iraqi Dinar/Dollar auction 10-23-14

Currency Auctions Announcement No. (2798)

This daily currency auction was held in the Central Bank of Iraq on the 23-Oct-2014

The results were as follows:

25k-Iraqi-Dinar-200x96DETAILS                                                              NOTES
Number of banks                                                 16
Auction price selling dinar / US$                    1166
Amount sold at auction price (US$)                215,762,000
Total offers for buying (US$)                            215,762,000

Read More: http://dinarupdates.com/observer/

Abadi approval to disburse wages of the popular crowd soon

{Babylon: Euphrates News} A member bloc citizen in the province of Babylon Asaad Amuslimawi Saturday, Prime Minister Haider al-Abadi agreed to pay the wages of the popular elements of the crowd for the last four months and will be disbursed in the next few days.

According to the reporter Amuslimawi and Euphrates News Agency {} “and that the bloc believes in the role of a hero of the popular elements of the crowd in the liberation of the rock cliff north of Babylon has worked to obtain the approval of Abadi this subject during a visit to inspect the area after liberation from Daash terrorist gangs.”…

http://www.dinarupdates.com/showthread.php?14659-The-Dinar-Daily-Saturday-October-25-2014&p=80765&viewfull=1#post80765

More interesting Headlines…

Oil Ministry will soon reveal the actors involved the purchase of Iraqi oil smuggler

BAGHDAD – Iraq Press – 25 October / October welcomed the Iraqi Oil Ministry’s quest United States to impose sanctions on both the buy oil from Daash in Iraq because they represent a threat to her and her allies.

A spokesman for the Iraqi Oil Ministry, Assem Jihad, L / Iraq Press / that “control Daash on Mosul, Salahuddin and Anbar and other areas was the reason for the loss of Iraq billion Atat after a stop line Kirkuk Ceyhan and carrying out the smuggling of oil from the fields of star and Qayyarah in Mosul and Ogeil Hamrin and in Salahuddin and other small fields, as well as the stores and warehouses, which includes large amounts of crude oil and oil derivatives. ”

“The Oil Ministry is closely following the smuggling of Iraqi oil from areas that fall under the control of Daash as the price per barrel of oil getaway between 25 and 50 dollars American,” stressing that “the oil ministry will announce the results of its investigations soon regarding the smuggling of Iraqi oil and the actors involved to buy it calls upon all States to support Iraq to curb the smuggling of oil. ” Q ended. P

http://www.iraqpressagency.com/ar/archives/100671

Parliament approves budget emergencies only

http://www.daraddustour.com/index.php/iraqi-affairs/26654-2014-10-24-22-52-18

Massoud Barzani to visit Baghdad

The President of Kurdistan Region Massoud Barzani is due to make an official visit to Baghdad, a member form Barzani-led KDP in Iraqi parliament said.

Najiba Najib told al-Sumeriya news that oil tensions between Erbil and Baghdad are to be solved and Erbil is ready to end its disputes with Baghdad and Barzani is very likely to make a visit to Iraqi capital soon.

She went on to say that Barzani would lead a high ranking delegation to discuss with central government officials the Iraqi 2014 budget as well as the Article 140 that is to decide the fate of the so-called disputed regions that both Baghdad and Erbil claim authority over them.

http://www.kurdpress.com/En/NSite/FullStory/?Id=8642

Iraq Approves $278m Halliburton Deal

The Iraqi cabinet has approved a drilling deal with Halliburton value at $278.5 million (324 billion Iraqi dinars).

Reuters reports that under the 30-month contract, Halliburton will drill 30 oil wells in the 8.7-billion-barrel West Qurna-I field, operated by U.S. major ExxonMobil.

Production at the field is currently running at around 360,000 bpd due to problems with low levels of water injection.

http://www.iraq-businessnews.com/201…liburton-deal/

A Brief History of the Iraqi Dinar: Past, Present, and Future

In 1982, one Old “Saddam Hussein” Dinar was equal to $3.22 US Dollars (USD). This rate did not waiver until 1988, when black market trade of the Dinar began to increase. After the Gulf War, the the dinar still retained a value of 1 Iraqi Dinar to $.33USD. It was not until after Operation: Iraqi Freedom (beginning in 2003), that the dinar plummeted to a value of just 1 Iraqi Dinar to $0.00027USD. This is when the currency became the New Iraqi Dinar (IQN – for those conspiracy buffs).

After the capture of Saddam Hussein, investment opportunities in the Dinar were made apparent. The value of one IQD went from $0.00027USD in October of 2003 to $0.00068USD in August of 2004. That is roughly a 252% growth.

Since that dramatic increase, the exchange rate held steady at roughly 1IQD = $0.00067USD, followed by another strong surge from $0.00067USD in late 2006 to $0.00089USD in 2009 where it remains today. It is clear why many investors think that the Iraqi Dinar has the potential for massive growth.

So, what will the Dinar be worth in 5 years? At this point, economists are estimating that the IQD will stabilize (eventually) somewhere between $.01USD and $1.00USD. The time-frame for that is currently unknown and depends largely upon how Iraq’s economy bounces back…

Excerpts from the DU Chat Room on the subject this AM… 

BGG ~ 3-400% over a 10 year period would make anyone of these “Wall Street boo birds” look like investing geniuses…

fishman1969 - mainstream advisors leave IQD alone. so odd to me.

Freddy - 30-40% a year …Id say SO

DGen - I had thought the deletion of the 3 zeros could be the same as an RV, but I guess they are separate?

BGG - Same – same – the deletion of the zero’s is the whole project of “buying back” the notes… they have to have a rate to start things off.

DGen - ok, was concerned with saying next year and over the next few years

dinarmassa - BGG, I think the call last night calmed a lot of nerves

BGG - P.S. Investment advisors are only allowed to “market” funds based on past history – not on future possibilities… by their own rules and measure – the IQD is (one of) the best investments in recent history.

BGG - there isn’t another currency in recent history that has appreciated at the rate the IQD has since 2003. Not one…

BGG - and the list of stocks or funds that have outperformed it in the same 10 year period is a very, very short list as well.

designbyg – Thank you for that message last night. It was greatly appreciated

BGG - So for those saying this isn’t a good investment – they are simply talking out their …

H-Spot - What about for those just getting in?

BGG - any licensed investment adviser is only allowed to represent based on past history. Period. For them to “down” this based on what they think in the future is as unethical as telling you it will be good in the future. Look at the IQD’s past history…

jtank - they have an imposed rate about to change

jtank - it is good investment NOW

DGen - the of losing all the investment is if Iraq falls off the face of the earth, probably not good odds of that happening. the risk is nothing happens and you lose 20-30% in selling back your dinar. the reward possibly 1000 to 3000 times your money, nothing out there compares

H-Spot - agreed the risk/reward factor is unheard of in this

DGen – I am in investment, stocks and commodities for 25 years, its worth the risk in my book…

DINAR Talk INFO Call… w/BGG from Oct 23rd - 

Smart phone user link – Click here

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A Mysterious Oil Tanker Might Hold the Key to Kurdish Independence

By Matthew Philips

At any given time, the Gulf of Mexico is crawling with oil tankers, many of them delivering some of the 7.5 million barrels of foreign crude the U.S. imports each day. On July 23 a Greek-owned oil tanker named the United Kalavryta came around the tip of Florida and into the Gulf of Mexico. For the previous month, as it crossed the Atlantic, its destination had been Brazil. Now it was headed for Galveston, Texas, a gateway to some of the biggest refineries in the U.S. What made the Kalavryta special was that its cargo was from Kurdistan, the semiautonomous region in northern Iraq that boasts an estimated 45 billion barrels of oil reserves. The Kurds contend it’s theirs to produce and sell as they choose. The government in Baghdad disagrees.

By the time the Kalavryta reached the edge of U.S. waters, the Iraqi government had filed a lawsuit in Houston federal court to block the tanker from unloading any oil. Iraq asked the U.S. to seize the ship’s cargo and put out the word that anyone who buys or offloads oil from the Kalavryta would be charged with possession of stolen goods. A magistrate judge in Houston issued an arrest warrant and ordered U.S. marshals to seize the oil if the Kalavryta came into U.S. waters. Then, after the Kurds appealed the decision, a district judge named Gray Miller complicated matters. On Aug. 25 he ruled in favor of the Kurds, claiming he lacked authority to stop them from bringing their crude ashore. With the tanker’s legal status still unresolved, and the Iraqis quickly contesting Miller’s ruling, just before 5 a.m. on Aug. 26, the Kalavryta disappeared.

Landlocked Kurdistan is home to 5.2 million people, roughly 15 percent of Iraq’s population. Since the U.S. invasion in 2003, Kurdish leaders have played a double game, holding high-ranking positions in Iraq’s national government while also laying the foundation for an independent state. Kurdistan has its own parliament, president, and civil institutions. What it doesn’t yet have is the right to sell on the open market the oil that lies beneath its soil. Under Iraqi law, Kurdistan is supposed to sell all of what it has through the national oil ministry. In return, Baghdad is obligated to give the Kurds 17 percent of Iraq’s total oil revenue—about $1 billion a month. Some 95 percent of the Kurds’ budget comes from Baghdad, which in turn gets 95 percent of its budget from oil sales.

With Iraq teetering toward anarchy in recent months, this arrangement collapsed. In February, after the Kurds started sending test batches of oil through a pipeline they built into Turkey, Iraq’s then-Prime Minister Nouri al-Maliki cut off their funding, accusing the Kurds of violating the Iraqi constitution. Kurdish public employees went unpaid for months. Credit froze. Businesses went bankrupt. Kurdistan’s thriving economy, ripe with foreign investment, ground to a halt; in addition, the Kurdish militia, known as the Peshmerga, is trying to prevent Islamic State fighters from overrunning Kurdish cities in northern Iraq. Only if they’re allowed to export more of their crude, the Kurds contend, can they pay for the weapons and supplies the Peshmerga needs. Oil sales aren’t just about financing Kurdistan’s future independence; they’re critical to the Kurds’ survival.

In defiance of Baghdad, the Kurds have loaded more than 18 million barrels of oil out of the Turkish port of Ceyhan since May, according to data collected by Bloomberg. More than 13 million of those barrels are known to have been unloaded, either at a port or onto another ship. Although it’s unclear what sort of prices they’re fetching, the Kurds say that through September they made $1.3 billion from selling oil. And they appear to be getting better at it. Through the third week of October, the Kurds were loading an average of 200,000 barrels a day out of Ceyhan, three times their pace in July.

This poses a dilemma for the Obama administration, which is deeply invested in preserving Iraq’s unity. Every drop of oil the Kurds sell undermines U.S. efforts to persuade Iraq’s Shiite-led government to reconcile with the country’s minorities. At the same time, the U.S. is relying heavily on the Peshmerga to halt Islamic State’s advances on the ground. Representative Dana Rohrabacher (R-Calif.) has sponsored a bill that seeks to endorse the Kurds’ right to sell oil, including inside the U.S. “We need to ensure the Kurds are a force substantial enough to counter [Islamic State], but right now we’re trying to make them subservient to Baghdad,” says Rohrabacher, who in 2009 sponsored legislation to establish a U.S. consulate in the Kurdish capital of Erbil, which opened in 2011. “Those are two contrary positions, and I don’t think it strengthens America in that part of the world to be a juggler.”

“It’s like it’s been cursed. It’s like some creepy ghost ship. No one wants to touch it.”

That’s what makes the 900-foot Kalavryta the most important chess piece the Kurds possess: 1 million barrels of oil parked in the backyard of the world’s biggest market. If they can establish the legal right to sell oil in the U.S., the Kurds will have gone a long way toward doing so everywhere else. That said, the Kurds don’t appear to be waiting for the courts’ permission. The example of the Kalavryta suggests they’ve already found a way to sell their oil: make it vanish.

Of the 25 tankers that have left Turkey loaded with Kurdish oil since May, 13 have gone dark—just as the Kalavryta did on Aug. 26. Most of the time this happens somewhere in the Mediterranean, either off the coast of Malta or Cypress or Israel, or sometimes only a few miles away from Ceyhan. Although it’s not quite smuggling, “it’s about as dicey as it gets on the open seas,” says Charlie Papavizas, a maritime lawyer at Winston & Strawn, a law firm in Washington. “What the Kurds are doing is at the margins of the business, no doubt about that.”

Rather than delivering oil directly from port to port and creating a public record of the shipment, the Kurds are instead transferring oil from tanker to tanker at sea, often at night and often after switching off the ship’s electronic transponder that reports its position to satellites. When the transponder comes back on, the ship is usually miles away from its last known position and sitting higher in the water, which means its cargo is lighter. Shuffling the oil from ship to ship masks the ultimate buyer and makes it almost impossible to track. ClipperData, a New York-based company founded in 2012, uses customs data and ship-tracking information to follow the movements of tankers and estimate import volumes. Every time a ship docks in the U.S., Customs and Border Protection releases data on what it’s carrying. “It’s a real dog’s breakfast,” says Abudi Zein, ClipperData’s co-founder and chief operating officer. “You have to separate the olive oil from the crude oil.” ClipperData sells its information to about 50 clients, mostly oil traders and financial firms. The Kurdish ghost tankers have provided a particular challenge. “This is among the weirdest things we’ve ever seen,” Zein says. “You feel like a submarine chaser.”

Once a ship’s transponder goes off, detecting whether it’s unloaded its cargo to another ship is a matter of being able to narrow down the handful of vessels that are in its vicinity. ClipperData has built algorithms that can tell when two ships get within a tenth of a mile, or about 500 feet. “When they’re that close, they’re either transferring the oil or they’re crashing into each other,” Zein says. ClipperData has tracked one shipment of Kurdish oil going to Croatia, where it was bought by MOL (MOLD:LN), a Hungarian company, to run its refinery there. Three shipments have been delivered to Israel, each containing roughly 200,000 barrels, Zein says. Because neither of Israel’s two refineries is well-suited to process Kurdistan’s heavy crude, “what we’re now convinced of is that Kurdish crude is being stored in Israel,” he says.

One ship in particular caught Zein’s attention. On Aug. 2, about 15 miles off the coast of Malta, a tanker called the Genmar Strength suddenly got heavier, indicating some 200,000 barrels had been loaded onto it. At the same time, in almost exactly the same location, a ship called the Agisilaos unloaded the same amount of oil. The cargo was listed as a heavy crude consistent with Kurdish oil; it had been loaded onto the Agisilaos 10 days earlier at Ashkelon, Israel, while the ship’s transponder was off, Zein says. The Genmar Strength immediately headed west across the Atlantic. On Aug. 19 it delivered about 200,000 barrels of cargo to an asphalt plant outside Philadelphia. The plant is operated by Axeon Specialty Products, a chemical and asphalt company owned by private equity firm Lindsay Goldberg. A shipment of similar heavy oil arrived at the same plant in June. Axeon has said it is not buying Kurdish oil until the dispute over the Kalavryta is settled. Lindsay Goldberg did not reply to requests for comment.

The Obama administration hasn’t pressured other countries or refiners to avoid buying oil directly from Kurdistan, though diplomats have warned of the “legal jeopardy” involved in such purchases, according to a U.S. official who spoke on condition of anonymity. The best solution would be for buyers to wait while Iraq’s central government and the Kurds come to an agreement over selling the oil, but it’s not against U.S. law to buy it, the official said. For their part, the Kurds are determined to prove that there’s at least illicit demand for their oil and that legitimate buyers do exist in the U.S.—which helps explain why the Kalavryta and its 1 million barrels ended up in the Gulf of Mexico, a few minutes from American shores.

Three days after it vanished, the Kalavryta reappeared, reporting the same cargo weight as before and sitting in roughly the same location in the Gulf. Zein and most other oil watchers are doubtful the Kalavryta unloaded anything. “It’s way too risky,” Zein says. “It’s one thing to play games off the coast of Malta; it’s another when you’re off the coast of the U.S.” Genscape, another energy intelligence firm that tracks oil flows, says a number of ships were in the vicinity of the Kalavryta while it was dark. At least one is a type used to transfer oil in the Gulf Coast. “It was a great opportunity [to transfer oil], but we can’t prove it,” says Molly Hislop, Genscape’s communications director.

Photograph by Craig Washburn for Bloomberg Businessweek

Iraq’s original lawsuit in Houston district court lists two co-defendants: the Kurdistan Regional Government’s Ministry of Natural Resources and “1,032,212 barrels of crude oil.” On Sept. 16, Iraq amended its complaint to add a third defendant, John Doe Buyer. Both sides have assembled high-priced legal teams, with lawyers in Houston, Washington, New York, and Paris all working on the Kalavryta case. The Kurds have hired Chaffe McCall, the oldest law firm in New Orleans, and also Boies Schiller & Flexner, in D.C. and New York. One of the Kurds’ top lawyers is Michael Gottlieb, who worked as President Obama’s special assistant in 2009 and as associate White House counsel from 2011 to 2013. Gottlieb didn’t respond to requests for comment.

The Kurds have plenty of friends in Washington. Less than a mile north of the White House, there’s a skinny, three-story town house with two flags hanging outside: the red, white, and green of Kurdistan, and the red, white, and black of Iraq. This is the Kurdistan Regional Government Representation to the U.S. The office, adorned with marble floors, thick purple drapes, and a crystal chandelier over a plush gold couch, functions as Kurdistan’s de facto embassy in the U.S. On the walls and on tables are pictures of Kurdistan’s President Masoud Barzani, one of them with President Obama. Upon introducing himself, Karwan Zebari, the office’s director of congressional affairs, offers refreshments: “Coffee, tea, water?” He laughs and jokes, “Would you like to buy some oil?”

Sitting in an office on the second floor, Zebari says potential buyers call regularly to ask about purchasing Kurdish crude. “There is interest out there,” he says. “Believe it or not, the phone calls increased as the Kalavryta issues came up. Just yesterday I had a call from buyers in the U.S. Some of our biggest supporters both in the private sector and the U.S. government come from Texas.”

Zebari acknowledges that the Kurds are essentially treating the Kalavryta as an investment, one they’re willing to sacrifice in an effort to gain access to the U.S. Zebari then says the ship might have unloaded some of its oil after all: “It’s my understanding that some of the oil has been delivered. Maybe 100,000 barrels or so.”

Even if that’s true, analysts suggest that most of the tanker’s oil remains onboard. Oil prices have fallen 25 percent since it loaded in Turkey, meaning its cargo has lost $25 million in value. Basil Karatzas, a ship broker in New York, speculates the Kurds are paying as much as twice the $15,000 daily rate to lease the tanker from its owner, Marine Management Services. Tack on fuel costs of about $2,800 a day to burn through as many as 4 tons of diesel, and the Kurds have easily invested almost $3 million on the Kalavryta. “This does not appear to be the smartest move,” Karatzas says. Some experts on the Kurds say they’ve taken far too big a gamble in trying to sell oil in this way. “It’s put them in a huge bind, because they have proven that they can’t sell their oil in a legitimate way,” says Denise Natali, a senior research fellow at the National Defense University in Washington. “I think this whole operation has undermined their credibility.”

The Kalavryta has cast a pall over the Gulf Coast. Oil traders don’t like to talk about it and say that anyone would be crazy to buy its oil. “It’s like it’s been cursed,” says Carl Larry, a former oil trader who runs Oil Outlooks & Opinions, a research firm in Houston. “It’s like some creepy ghost ship. No one wants to touch it.”

And so there it floats. In late September, from a small helicopter, the Kalavryta appears at first as a small speck amid a turquoise sea. Closer up, the tanker sits low and heavy in the water. Workers in orange and black jumpsuits walk the gray deck, checking on equipment along a series of pipelines and valves stretching down the middle of the vessel. The words “Safety Comes First” are emblazoned in large letters below the ship’s white bridge. The only other ships in view are a small shrimp boat a few miles off the port side and another oil tanker transferring crude several miles in the opposite direction.

As the helicopter makes its first pass, a man on the bridge can be seen watching with binoculars. It’s been two months since the ship’s been to port. The helicopter makes contact by radio. “Of course, landing is not allowed, sir,” the reply comes over a muffled transmission. It’s the captain of the Kalavryta. Informed that a group of journalists has come to take photos and ask questions, he refers them to a representative onshore. Asked about the crew, the captain says nervously, “The crew is in excellent condition. No problem. We have everything here. Thank you very much.”

http://www.dinarupdates.com/showthread.php?14659-The-Dinar-Daily-Saturday-October-25-2014&p=80717&viewfull=1#post80717

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