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Turkey, Iraqi Kurdistan agree on major energy pipeline

Source : Agencies | 06 Nnov 2013

Iraqi Kurdistan has finalised a comprehensive package of deals with Turkey to build multi-billion dollar oil and gas pipelines to ship the autonomous region's rich hydrocarbon reserves to world markets, sources involved in talks said on Wednesday.

The deals, which could have important geo-political consequences for the Middle East, could see Kurdistan export some 2 million barrels per day (bpd) of oil to world markets and at least 10 billion cubic metres per year of gas to Turkey.

Iraq’s Maliki discusses oil project with Russian company

Source : AFP | 01 Jul 2013

Iraqi Prime Minister Nuri al-Maliki held talks in Moscow on Monday with the Russian oil company Lukoil about enacting an existing energy contract and possible participation in future deals, Lukoil said.

Lukoil said that Maliki and Iraqi Oil Minister Abdelkarim al-Luaybi met its chief executive, Vagit Alekperov, to discuss Lukoil’s participation in the West Qurna 2 oil field.

Lukoil and Norway’s Statoil won the right to develop a section of Qurna, one of Iraq’s largest oil fields, in 2009.

Iran offers foreign ships insurance to beat EU ban

Source : Agencies | 18 Jul 2012

Iran said it would insure any foreign ships that enter its waters, in an effort to beat a European Union ban on insuring ships carrying Iranian crude that has hampered the country's oil exports.

"The Islamic Republic of Iran will take all responsibility for insuring any foreign shipping line and any ship that enters Iranian waters," the Fars news agency on Tuesday quoted Seyyed Ataollah Sadr, the managing director of Iran's Ports and Maritime Organization, as saying.

US, UK, France may release strategic oil to lower fuel prices

Source : Reuters | 28 Mar 2012

France is in talks with the United States and Britain on a possible release of strategic oil stocks to push fuel prices lower, French ministers said on Wednesday, four weeks before the country's presidential election.

Earlier in March, British sources said London was prepared to cooperate with Washington on a release of strategic oil stocks that was expected within months, in a bid to prevent fuel prices choking economic growth in what is also a U.S. election year.

Crisis-hit Gaza Strip gets fuel

By Reuters | Gaza | 23 Mar 2012

Israel allowed nine fuel tankers to cross into the Gaza Strip yesterday to ease a severe power shortage triggered by a dispute over supplies between Egypt and the enclave’s Hamas rulers.

The delivery of around 450,000 liters of industrial diesel was the first to Gaza’s only power station coming via Israel in almost a year after Hamas softened its resistance to accepting supplies from its Jewish neighbor.

Nigerians sue Shell in London over Delta pollution

Source : Reuters | 23 Mar 2012

A group of 11,000 Nigerians launched a suit against Royal Dutch Shell at the London High Court on Friday, seeking tens of millions of dollars in compensation for two oil spills in 2008 that they say destroyed their livelihoods.

The case will be closely watched by the industry for precedents that could have an impact on other big claims against Western oil companies accused of polluting poor countries, including Chevron's protracted dispute with Ecuador.

Iraq approves Hormuz oil exports contingency plan

By Reuters | Baghdad | 19 Mar 2012

Iraq has approved a plan to expand its oil export routes by adding capacity from its northern fields and building a pipeline to ship oil from southern fields to Ceyhan in Turkey, a government spokesman said.

The contingency plan was set by the government’s energy and economic committee to deal with any potential crisis should Iran close the Strait of Hormuz, which would halt about 80 percent of Iraq’s oil exports.

Iran to accept gold payment in trade

Source : Agencies | 28 Feb 2012

Iran will take payment from its trading partners in gold instead of dollars, the Iranian state news agency IRNA quoted the central bank governor as saying on Tuesday.

Iranian financial institutions have been hit by sanctions imposed by the United States and the European Union in an attempt to force Tehran to halt its nuclear programme.

Significant difficulties in making dollar payments to Iranian banks have forced Iran's trading partners to look for alternative ways to settle transactions, including direct barter deals.

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