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FINANCIAL NEWS
Iraq to start crude exports from new terminal in Gulf in Feb
04 Jan 2012
(MENAFN) Iraq’s Oil Ministry spokesman, Asim Jihad, announced that the country would begin on exporting crude oil from a new offshore export terminal in the Gulf early next month, reported Arab News.
Jihad pointed out that the importance of this step comes as it would add 900,000 barrels to the country’s daily production capacity.
Jihad added that this step was delayed for around a month as testing processes were not completed yet.
It is worth noting that this export terminal is a part of the country’s expansion project valued at USD1.3 billion. The project includes two other terminals in the Gulf, two undersea pipelines and one onshore pipeline.
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