Iraq targets 4m bpd oil output for 2014

Updated 23 December 2012
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Iraq targets 4m bpd oil output for 2014

CAIRO: Iraq’s oil production has exceeded 3.2 million barrels a day (bpd) so far this month and it hopes to hit capacity of 4 million b/d in 2014, its Oil Minister Abdul Kareem Luaibi said.
“Next year we’re planning production close to 3.7 (million bpd),” he added in remarks to reporters on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC).
Iraq, rebuilding its energy industry after decades of war and sanctions, has emerged as the second biggest producer in the Organization of Petroleum Exporting Countries (OPEC).
“There will be another debate in the first months of the new year... (the decision) should be by the end of May 2013,” Luaibi said.
Saudi Arabia has also pressed for Iraq to join any future rounds of supply curbs that OPEC makes to support prices if energy markets weaken.
But Baghdad has insisted it should first regain the 4 million bpd output capacity it lost during the 1980-88 war with Iran.
“We haven’t reached the quota that was set over 40 years ago. We haven’t reached it yet,” Luaibi said.
“The issue of quotas will for sure need to be reviewed based on many indicators such as production capacities and reserves and others. It is known that Iraq was deprived for many years because of the wars.”


Dubai Aerospace signs $480 million loan deal

Updated 21 May 2018
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Dubai Aerospace signs $480 million loan deal

DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore said in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.