Iraq Postpones Persian Gulf Oil Terminal Start “Indefinitely”

Jan. 25 (Bloomberg) -- Iraq has postponed “indefinitely” the inauguration of the first of four single-point mooring facilities in the Persian Gulf, said Murtada al-Jashaami, a spokesman for the oil ministry.

He didn’t give any reason for the delay, the third since last month.

The government plans to install three more offshore loading points by 2013, Oil Minister Abdul Kareem al-Luaibi said Jan. 18. Each mooring facility will add 850,000 barrels a day of loading 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.

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