Iraq plans oil pipeline network to cover all its territory

The network is part of a ‘strategic’ plan for oil transportation that includes pipelines to deliver crude and oil products to neighboring countries, Iraq’s Oil Minister Jabar Al-Luaibi said. (Reuters)
Updated 16 December 2017
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Iraq plans oil pipeline network to cover all its territory

BAGHDAD: Iraq plans to build a pipeline network to carry oil products across all its territory as an alternative to expensive and hazardous transport by tanker truck, Oil Minister Jabar Al-Luaibi said on Saturday.
The network is part of a “strategic” plan for oil transportation that includes pipelines to deliver crude and oil products to neighboring countries, he said.
The only crude pipeline now in operation in Iraq links the northern, semi-autonomous Kurdish region to Turkey’s Mediterranean coast.
All other crude pipelines were shut down or destroyed in the past 35 years as a result of wars and conflicts. Iraq, OPEC’s second-largest producer after Saudi Arabia, once had an extensive network of pipelines to export its crude.
One of them carried Iraqi oil across Syria to Lebanon’s Mediterranean coast, another to Turkey’s Mediterranean coast, largely bypassing the Kurdish region, and one to the Red Sea across Saudi Arabia.
Iraq earlier this month announced plans to build a crude pipeline to fellow OPEC member Iran.


UAE banks told to make credit checks on customers before issuing cheque books

Updated 53 min 7 sec ago
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UAE banks told to make credit checks on customers before issuing cheque books

  • The central bank said it had told banks in a circular to issue new customers with a cheque book containing a maximum of 10 individual cheques

DUBAI: The United Arab Emirates central bank has told banks to carry out credit checks with the country’s credit bureau on customers before issuing them with cheque books, the regulator said on Monday.
The central bank said it had told banks in a circular to issue new customers with a cheque book containing a maximum of 10 individual cheques.