Iraq oil min says Kirkuk oil swap deal with Iran is for one year | Reuters

KUWAIT (Reuters) - Iraqi Oil Minister Jabar al-Luaibi said on Sunday that a deal signed with Tehran to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil is for one year and subject to renewal. Iraqi Oil Minister Jabar al-Luaibi attends the opening ceremony for a new gas plant at Badra oilfield in Kut province, Iraq December 6, 2017. REUTERS/Thaier Al-SudaniThe agreement signed on Friday by the two OPEC countries provides for Iran to deliver to Iraq’s southern ports, on the Gulf, “oil of the same characteristics and in the same quantities” as those it would receive from Kirkuk.

Reuters December 10, 2017 22:04:49 IST
Iraq oil min says Kirkuk oil swap deal with Iran is for one year | Reuters

Iraq oil min says Kirkuk oil swap deal with Iran is for one year  ReutersKUWAIT (Reuters) - Iraqi Oil Minister Jabar al-Luaibi said on Sunday that a deal signed with Tehran to swap up to 60,000 barrels per day of crude produced from the northern Iraqi Kirkuk oilfield for Iranian oil is for one year and subject to renewal. Iraqi Oil Minister Jabar al-Luaibi attends the opening ceremony for a new gas plant at Badra oilfield in Kut province, Iraq December 6, 2017. REUTERS/Thaier Al-SudaniThe agreement signed on Friday by the two OPEC countries provides for Iran to deliver to Iraq’s southern ports, on the Gulf, “oil of the same characteristics and in the same quantities” as those it would receive from Kirkuk. “This is an agreement for one year and then we will see after that whether to renew it,” Luaibi told reporters in Kuwait City on the sidelines of an Arab oil ministerial meeting. The deal in effect allows Iraq to resume sales of Kirkuk crude, which have been halted since Iraqi forces took back control of the fields from the Kurds in October. Between 30,000 and 60,000 bpd of Kirkuk crude will be delivered by tanker trucks to the border area of Kermanshah, where Iran has a refinery. Luaibi also said that the construction of an oil pipeline from Kirkuk to the Turkish port of Ceyhan will take one year to build. It will replace an old, badly damaged section of the Kirkuk-Ceyhan pipeline. It will start from the nearby city of Baiji and run to the Fish-Khabur border area with Turkey. The territory that the Kirkuk-Ceyhan pipeline ran through was taken by Islamic State militants in 2014 and then recaptured by U.S.-backed Iraqi forces over the past two years. The minister said he plans to visit Kirkuk oilfield on Thursday with a senior executive from BP to “activate” an agreement signed with the British oil company to help Baghdad halt a huge decline in output from Kirkuk and increase production to higher levels. “We have a memorandum of understanding with BP to evaluate Kirkuk oilfield to raise output and enhance it reservoirs,” Luaibi said. Iraq has asked BP to help increase output from Kirkuk oilfield to more than 700,000 barrels per day. Kirkuk is one of the biggest and oldest oilfields in the Middle East, still estimated to contain around 9 billion barrels of recoverable oil, according to BP. BP has provided technical assistance in the past to the Iraqi state-owned North Oil Company to aid the redevelopment of the Kirkuk field.

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Greek police clash with protesters in rally against mandatory vaccinations
World

Greek police clash with protesters in rally against mandatory vaccinations

ATHENS (Reuters) - Greek police used teargas and water cannon to disperse people who had gathered in central Athens on Saturday to protest against mandatory COVID-19 vaccinations. More than 4,000 people rallied outside the Greek parliament for a third time this month to oppose mandatory inoculations for some workers, such as healthcare and nursing staff.

Two Turkish soldiers killed in attack in northern Syria
World

Two Turkish soldiers killed in attack in northern Syria

ISTANBUL (Reuters) - Two Turkish soldiers were killed and two were wounded in an attack on their armoured vehicle in northern Syria, and Turkish forces immediately launched retaliatory fire, Turkey's defence ministry said on Saturday. "Our punitive fire against terrorist positions is continuing," the statement on Twitter on said. It did not specify where the attack occurred, but media reports said it was in the al-Bab area.

Brazilians take to streets again to demand Bolsonaro's impeachment
World

Brazilians take to streets again to demand Bolsonaro's impeachment

By Marcelo Rochabrun SAO PAULO (Reuters) - Protesters took to the streets in several Brazilian cities on Saturday to demand the impeachment of far-right President Jair Bolsonaro, whose popularity has fallen in recent weeks amid corruption scandals against the backdrop of the pandemic. This week, news broke that Brazil's defense ministry told congressional leadership that next year's elections would not take place without amending the country's electronic voting system to include a paper trail of each vote. Bolsonaro has suggested several times without evidence that the current system is prone to fraud, allegations that Brazil's government has denied