Israel buys most oil smuggled from ISIS territory - report

Islamic State

Israel has become the main buyer for oil from ISIS controlled territory, reports "al-Araby al-Jadeed."

Kurdish and Turkish smugglers are transporting oil from ISIS controlled territory in Syria and Iraq and selling it to Israel, according to several reports in the Arab and Russian media. An estimated 20,000-40,000 barrels of oil are produced daily in ISIS controlled territory generating $1-1.5 million daily profit for the terrorist organization.

The oil is extracted from Dir A-Zur in Syria and two fields in Iraq and transported to the Kurdish city of Zakhu in a triangle of land near the borders of Syria, Iraq and Turkey. Israeli and Turkish mediators come to the city and when prices are agreed, the oil is smuggled to the Turkish city of Silop marked as originating from Kurdish regions of Iraq and sold for $15-18 per barrel (WTI and Brent Crude currently sell for $41 and $45 per barrel) to the Israeli mediator, a man in his 50s with dual Greek-Israeli citizenship known as Dr. Farid. He transports the oil via several Turkish ports and then onto other ports, with Israel among the main destinations.

In August, the "Financial Times" reported that Israel obtained 75% of its oil supplies from Iraqi Kurdistan. More than a third of such exports go through the port of Ceyhan, which the FT describe as a “potential gateway for ISIS-smuggled crude."

“Israel has in one way or another become the main marketer of ISIS oil. Without them, most ISIS-produced oil would have remained going between Iraq, Syria and Turkey. Even the three companies would not receive the oil if they did not have a buyer in Israel,” an industry official told the newspaper "al-Araby al-Jadeed."

"Israel has in one way or another become the main marketer of IS oil. Without them, most ISIS-produced oil would have remained going between Iraq, Syria and Turkey," the industry official added.

Published by Globes [online], Israel business news - www.globes-online.com - on November 30, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Islamic State
Islamic State
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2016