4415
Iraq Losing $1.2b Monthly  on Pipeline Closure
World Economy

Iraq Losing $1.2b Monthly on Pipeline Closure

The Iraqi economy is losing as much as $1.2 billion a month because of the shutdown of the oil pipeline connecting the Iraqi city of Kirkuk with the Turkish city of Ceyhan, an Iraqi oil ministry representative said.
“Due to the cease of oil pumping through the Kirkuk-Ceyhan pipeline we are losing the income from the export of 300,000-400,000 barrels per day, as a result our export losses amount to an average of $1.2 billion per month,” the ministry representative was quoted as saying by Iraqi news agency AIN.
According to the ministry, oil exports from the fields in Kirkuk stopped in April. Since the beginning of the Iraq War in 2003, the pipeline has been repeatedly shut down because of terrorist activities while local authorities stated that the pipeline was in need of repair.
The ministry representative also said that the Islamic State (IS), which has captured oil fields in the northern and central parts of the country, is selling Iraqi oil extracted from the Nineveh and Salah Al-Din provinces.
At least seven Iraqi oil fields are kept under IS control with a total capacity of up to 80 million barrels of oil per day. Oil pumped in the occupied fields is smuggled across the border with Turkey through intermediaries to the black market.
According to various estimates, IS receives $1 million to $3 million from illegal transactions of Iraqi oil every day.

 

Short URL : http://goo.gl/oFgFRX

You can also read ...

French Foreign Minister Jean-Yves Le Drian addresses CEDRE Conference in Paris on April 6, with Lebanese Prime Minister Saad Hariri on his right.
With the FIFA World Cup over and French victory secured,...
Dubai’s new business licenses in the second quarter of 2018 were down 26% from the same period in 2016.
In Dubai’s posh Jumeirah Beach residence district, luxury...
Handout picture shows IMF Managing Director Christine Lagarde on a screen as she speaks  during the G20 meeting taking place in Buenos Aires, on July 21.
The International Monetary Fund warned world economic leaders...
Germany Lifts Turkey Sanctions
Germany has lifted economic sanctions on Turkey and relaxed...
Farnborough Airshow Announces $192b in Orders
England’s Farnborough airshow this week saw deals worth $192...
Australia  Faces Massive Economic Crash
Australia is facing an economic shock akin the global...
IFC to Inject $2 Billion in Egypt’s Private Sector
International Finance Corporation, a member of the World Bank...
According to a survey, 75.3% are facing difficulties in running their businesses this year.
South Korea’s major business lobby said Sunday it will file an...

Trending

Googleplus