FINANCIAL NEWS

Iraq passes plan for compensating Hormuz oil exports

19 Mar 2012

(MENAFN) Iraq’s government spokesman, Ali Al-Dabbagh, announced that the country on expanding its oil export routes through building a pipeline to ship oil from southern fields to Ceyhan in Turkey, reported Arab News.

The contingency plan was set by the government’s energy and economic committee to deal with any potential crisis should Iran close the Strait of Hormuz, which would halt about 80 percent of Iraq’s oil exports.

It is worth mentioning that Iran has threatened to close the Strait of Hormuz, used for a third of the world’s seaborne oil trade, if Western moves to ban Iranian crude exports crippled its energy sector.

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