Russian International Reserves Fall $15.7 Billion in Week to Dec. 19

Iraqi Sea Oil Terminal to Start Operating Jan. 27, Ministry Says

The first of four new Iraqi single- point mooring facilities will start pumping oil for tankers in the Persian Gulf on Jan. 27, the Oil Ministry said in an e- mailed statement today.

The offshore facility was due to start operating on Jan. 25; the ministry decided to delay the inauguration ceremony in Basra for a further two days, it said.

The government plans to install three more offshore loading facilities in the Persian Gulf by 2013, Oil Minister Abdul Kareem al-Luaibi said Jan. 18. Each of them will add 850,000 barrels a day of capacity, he said.

Iraq, which holds the world’s fifth-largest crude deposits, according BP Plc data, wants to raise production and exports to promote economic growth. It has granted 15 oil and gas licenses since the U.S.-led invasion in 2003 and plans a new round on April 11-12.

To contact the reporter on this story: Kadhim Ajrash through the Dubai newsroom; Nayla Razzouk in Dubai at

To contact the editor responsible for this story: Stephen Voss on

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.