Thursday, August 16, 2007
Iran - Iraq trade on the rise
Trade
(Press TV) - 97 percent of the $2 billion worth of bilateral trade with Iraq consists of Iranian exports to that country, Iran's envoy to Baghdad says. Iran has a significant potential to participate in Iraq's reconstruction, the Iranian ambassador, Hassan Kazemi Qomi said, adding that presently the contracts to build Baghdad's 300 Megawatt power plant and 2 pipelines to transfer 350 thousand barrels of crude oil per day from Basra to Abadan are also underway.
The 400 Megawatt electricity power transmission line from Abadan to Al-Hares is among the most important projects being implemented by Iran, Kazemi Qomi said. Iran's ambassador to Iraq noted that Iran's Pars Wagon Company has adequate capabilities to have a positive role in development of Iraq's rail network.
Signing 65 other technical cooperation documents for the expansion of Iraq's railroad is among the future cooperation in this field. The Iranian envoy referred to these projects as a clear sign of Iran's willingness to contribute to Iraq's reconstruction, mentioning that Iranian pilgrims visit to Iraq by train is another important issue.
The 400 Megawatt electricity power transmission line from Abadan to Al-Hares is among the most important projects being implemented by Iran, Kazemi Qomi said. Iran's ambassador to Iraq noted that Iran's Pars Wagon Company has adequate capabilities to have a positive role in development of Iraq's rail network.
Signing 65 other technical cooperation documents for the expansion of Iraq's railroad is among the future cooperation in this field. The Iranian envoy referred to these projects as a clear sign of Iran's willingness to contribute to Iraq's reconstruction, mentioning that Iranian pilgrims visit to Iraq by train is another important issue.
Labels: crude oil, electricity, Hassan Kazemi Qomi, Iran, Iraq, Pars Wagon Company, rail links, trade
Wednesday, May 16, 2007
DNO to start pumping Iraqi crude oil onto global market
Oil
(BI-ME) - Norwegian oil producer DNO will become the first foreign firm in more than three decades to start pumping Iraqi crude into the global market next month, the Financial Times reported on Wednesday. It will begin producing a small amount of oil from the Northern Iraqi region of Kurdistan, marking a symbolic return of foreign companies to Iraq after 35 years of state control.
The company’s experience is being closely watched by larger competitors, eager for a slice of the world’s third-largest oil reserves, but deterred by security fears and the lack of a legal framework for Iraqi oil. The sharing of oil resources has been a point of dispute between Iraq’s sectarian communities. The Kurdish authorities’ decision to sign separate contracts, could add strain to relations between Iraq’s Kurdish authorities and the central government in Baghdad. Ashti Hawrani, the Kurdish oil minister, said Kurdistan’s regional government would share revenue with the rest of the country.
In Asian trading, oil slipped early on Wednesday ahead of data expected to show rises in US crude and fuel inventories, but Brent prices held near US$68 after a rally on further supply disruptions in the world's eighth largest exporter Nigeria. London Brent crude, currently seen as more representative of the global oil market, was talked at US$67.83/US$67.95 a barrel for June, ahead of the contract's expiry on Wednesday. US crude futures dipped 12 cents to US$63.05 a barrel.
The company’s experience is being closely watched by larger competitors, eager for a slice of the world’s third-largest oil reserves, but deterred by security fears and the lack of a legal framework for Iraqi oil. The sharing of oil resources has been a point of dispute between Iraq’s sectarian communities. The Kurdish authorities’ decision to sign separate contracts, could add strain to relations between Iraq’s Kurdish authorities and the central government in Baghdad. Ashti Hawrani, the Kurdish oil minister, said Kurdistan’s regional government would share revenue with the rest of the country.
In Asian trading, oil slipped early on Wednesday ahead of data expected to show rises in US crude and fuel inventories, but Brent prices held near US$68 after a rally on further supply disruptions in the world's eighth largest exporter Nigeria. London Brent crude, currently seen as more representative of the global oil market, was talked at US$67.83/US$67.95 a barrel for June, ahead of the contract's expiry on Wednesday. US crude futures dipped 12 cents to US$63.05 a barrel.
Labels: Ashti Hawrani, crude oil, DNO, Kurdistan, Tawke
Tuesday, April 03, 2007
Al-Maliki to visit Japan
Politics, International
(AFP) - Japan will agree to help Iraq improve crude oil output and push for reconciliation in the war-torn country when Prime Minister Nuri al-Maliki visits next week, officials said Tuesday. Maliki will pay his maiden visit to the world's second-largest economy from Sunday to Wednesday and meet with Prime Minister Shinzo Abe and Emperor Akihito, Japan's foreign ministry said.
"Iraq boasts the world's third-largest crude oil reserves. It is important for Japan to build a long-term strategic partnership with Iraq," a ministry statement said.A Japanese foreign ministry official said Abe would also "encourage the Iraqi premier, who is a Shi'a leader, to further promote national reconciliation in Iraq," the official said.
The Iraqi premier is expected to sign a $700-million loan agreement with Japan to help the war-torn country improve crude oil output and power generation, an MP close to Maliki said earlier in Baghdad. The 40-year loan, part of financial assistance to Iraq announced by Tokyo in 2003, will go to build pipelines in the southern city of Basra and improve power transmission facilities across the nation, lawmaker Sami al-Askari said.
The Iraqi premier is expected to sign a $700-million loan agreement with Japan to help the war-torn country improve crude oil output and power generation, an MP close to Maliki said earlier in Baghdad. The 40-year loan, part of financial assistance to Iraq announced by Tokyo in 2003, will go to build pipelines in the southern city of Basra and improve power transmission facilities across the nation, lawmaker Sami al-Askari said.
Japanese officials had no immediate comment on the loan agreement. Japan has offered six billion dollars in debt waivers and $1,5-billion in aid grants to Baghdad, but much of the aid is on hold due to security concerns. Japan last year withdrew its 600 ground troops from Iraq following a reconstruction mission that marked the first time since World War II that Tokyo sent troops to a country where fighting was under way. Despite their withdrawal, Japan has maintained an air force mission, which includes some 210 personnel based in Kuwait in support of US-led forces. It decided last week to extend the mission by two years.
Labels: Basra, crude oil, Emperor Akihito, Japan, loan, Nouri Al-Maliki, oil pipelines, Prime Minister Shinzo Abe
Wednesday, March 14, 2007
SOMO reduces crude oil price
Oil
(Iraq Daily Business Updates) An Iraqi oil official said on Monday that Iraq reduced its official selling price for Basrah light crude oil from April loading between 20 to 30 cent a barrel by destination. The Iraqi oil marketing company (SOMO) reduced the April price to American buyers by 20 cents compared to the figure in March for the second month in to be less than $ 6.90 from West Texas crude. April's price was also reduced to European buyers by 25 cents compared with the month of March to less than $ 5.70 from deferred ships fuel. Buyers in Asia will pay less than the prices of Oman / Dubai crude by $ 2.55 for deliveries in April, down 30 cents from March. Iraq exports around 1.5 million barrels a day of crude oil from the port of Basrah.
(Iraq Daily Business Updates) An Iraqi oil official said on Monday that Iraq reduced its official selling price for Basrah light crude oil from April loading between 20 to 30 cent a barrel by destination. The Iraqi oil marketing company (SOMO) reduced the April price to American buyers by 20 cents compared to the figure in March for the second month in to be less than $ 6.90 from West Texas crude. April's price was also reduced to European buyers by 25 cents compared with the month of March to less than $ 5.70 from deferred ships fuel. Buyers in Asia will pay less than the prices of Oman / Dubai crude by $ 2.55 for deliveries in April, down 30 cents from March. Iraq exports around 1.5 million barrels a day of crude oil from the port of Basrah.
Labels: Basrah, crude oil, foreign buyers, SOMO
Sunday, March 11, 2007
Iran, Iraq to build pipline from Basra
Oil
(Azzaman) Iraq and Iran have agreed to build a pipeline to carry Basra crude to the refineries in Abadan. The deal is part of a memorandum of understanding the countries have signed to further expand economic ties. Iran has emerged as the country’s number one trade partner in the years since the U.S. invasion. Iranian companies are active in southern and northern parts of Iraq.
In return for the Iraqi crude exports, Iran has pledged to increase the quantities of liquefied gas it ships to Iraq. The new memorandum of understanding was signed during a visit by Trade Minister Abdulfalah al-Sudani to Iran. Sudani held talks with his Iranian counterpart Saeed al-Kadhami in which four separate committees took part. The countries have agreed to expand cooperation in the areas of trade, water, electricity, transport, agriculture, oil and health.
In return for the Iraqi crude exports, Iran has pledged to increase the quantities of liquefied gas it ships to Iraq. The new memorandum of understanding was signed during a visit by Trade Minister Abdulfalah al-Sudani to Iran. Sudani held talks with his Iranian counterpart Saeed al-Kadhami in which four separate committees took part. The countries have agreed to expand cooperation in the areas of trade, water, electricity, transport, agriculture, oil and health.
Labels: Abadan, Basra, crude oil, Iran, Trade Minister Abdulfalah al-Sudani
