The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

UPDATE 1-Iraq says to take "severe measures" over Kurdish oil exports

Mon, 09th Jun 2014 19:07

(Adds quotes, details on oilfields)

By Rania El Gamal

VIENNA, June 9 (Reuters) - Iraq's oil minister on Mondaycondemned the export of pipeline crude from Iraqi Kurdistan andthreatened the region and Turkey, its point of export, withsevere measures.

"What happened in my view was the biggest mistake that hasbeen made by the Kurds and the Turks...and the Iraqi governmentwill take severe measures," Abdul Kareem Luaibi told a newsbriefing.

He repeated that Baghdad would sue the Turkish governmentand Turkish pipeline state owned operator Botas for facilitatingthe sale of crude from the Kurdish region without the centralgovernment's consent. The Iraqi government was in the processinforming the United Nations about Ankara's role in theshipment, he added.

"We have no choice but to go to arbitration and they(Turkish government) have been informed," Luaibi said.

The semi-autonomous northern Kurdish region has not beenexporting any crude through the Baghdad-controlled Iraq-Turkeypipeline since the end of 2012.

The oil minister said he expects production this year toaverage 3.7 million barrels per day without any output from theKurdish region. Exports would average 3 million bpd in 2014, headded.

Baghdad has signed a series of deals to develop its giantsouthern oilfields with major oil companies - including BP which is leading the project at Rumaila, ExxonMobil is in charge of West Qurna 1, while Royal Dutch Shell is operating Majnoon.

Luaibi said he expected finalising amendements to theexisiting contracts "within days" to lower the previouslyestimated output capacity from 9 million bpd to 8.4 million bpdafter 2018 and extending the life of the deals beyond 20 years.

(Additional reporting by Peg Mackey, editing by William Hardy)

Related Shares

More News
27 Oct 2022 07:30

Shell announces $4bn share buyback as Q3 profits beat expectations

(Sharecast News) - Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.

21 Apr 2022 11:53

Shell turning to China to offload Russian business - report

(Sharecast News) - Shell is reportedly looking to China as it looks to offload its Russian business.

15 Feb 2022 15:54

Shell preparing to sell North Sea gas fields - report

(Sharecast News) - Shell is reportedly preparing to launch the sale of its stakes in two clusters of gas fields in the southern British North Sea, par...

7 Feb 2022 10:52

Berenberg nudges up target price on Shell

(Sharecast News) - Analysts at Berenberg slightly raised their target price on oil and gas giant Shell from 2,350.0p to 2,375.0p on Monday, stating th...

31 Jan 2022 10:53

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

TOP NEWS SUMMARY: Shell and BHP share unifications go into effect

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.