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FINANCIAL NEWS
Iraq launches new oil export terminal
12 Feb 2012
(MENAFN) Iraq’s Oil Ministry spokesman, Assem Jihad, said that the government inaugurated a new oil export terminal in the oil-rich province of Basra, on the Persian Gulf, reported AP.
Jihad added that the new single point mooring (SPM) aims at bringing deeply needed cash for reconstruction, after years of war and international sanctions.
He also said that Iraq’s total oil exports averaged 2.145 million barrels per day (bpd) in December, adding that the government depends on oil exports for 95 percent of its revenue.
It is worth noting that starting March, oil exports through southern Iraq, which stand at around 1.7 million bpd at the current time, will be increased by around 200,000 bpd.
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