$15.5bn Gulf rail project: Overseeing body on way

Updated 28 December 2013
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$15.5bn Gulf rail project: Overseeing body on way

ABU DHABI: Construction of a $15.5 billion rail network linking the six Gulf states will start late next year and an overseeing authority for the project is being set up, an adviser said.
The joint project is to develop a railway network linking Oman in the south to Kuwait in the north through the UAE, Qatar, Bahrain and Saudi Arabia.
Progress has been held up by bureaucratic and technical obstacles, but if the railway is completed, it could have a major impact on the Gulf economy by stimulating trade and limiting consumption of fuel for road travel.
Detailed engineering and design (DED) work will be completed by late 2013 or early 2014, with construction to follow, Ramiz Al-Assar, the World Bank’s resident adviser to the Gulf Cooperation Council (GCC) Secretariat, told a conference organized by MEED, a business information company.
A GCC authority to oversee the project is being established after it was recently approved by national ministers of transport and finance, he said.
“Some key milestones have been achieved and we are targeting for the project to be fully operational in 2018,” he said.
GCC countries will build their parts of the railway on their own; the UAE and Saudi Arabia have begun their construction work while other countries will start shortly, he added.
Oman has begun preliminary design on its rail project.
Meanwhile, the contract to study a proposal for a new causeway linking Saudi Arabia and Bahrain, part of the GCC rail project, will be awarded next month and the study is scheduled to be completed in 2014, he said.
“This is an important strategic project in the scheme.”


Iraq has enough oil capacity to meet customer needs: oil minister

Updated 25 April 2019
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Iraq has enough oil capacity to meet customer needs: oil minister

  • Thamer Ghadhban also says there are no acute oil shortages for the time being
  • but Iraq would continue to monitor the market to assess the need for additional supply

BAGHDAD: Iraq’s oil minister said on Thursday his country had the capacity to increase its oil production to 6 million barrels per day (bpd) if needed, but it was committed to OPEC-led output cuts and would not take unilateral action to boost supply.
Thamer Ghadhban also said there were no acute oil shortages for the time being, but Iraq would continue to monitor the market to assess the need for additional barrels at the next OPEC meeting.
On Monday, the United States decided not to renew exemptions from sanctions against Iran granted last year to buyers of Iranian oil, taking a tougher line than expected and triggering a rally in oil prices on fears of oil supply shortages.