Iraq lifts oil output at Eni’s Zubair field

Zubair’s production capacity will rise gradually to 625,000 bpd by the end of the year, as three additional processing facilities are added. (Reuters)
Updated 09 May 2018
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Iraq lifts oil output at Eni’s Zubair field

  • Production rose after the completion of a new oil processing facility.
  • Country is also seeking to lift its refining capacity to become self-sufficient in oil products.

ZUBAIR: Iraq has lifted oil production at Eni’s Zubair field in the south by 50,000 barrels per day (bpd) to 475,000 bpd, an Iraqi oil official said on Wednesday.
Production rose after the completion of a new oil processing facility, Muhaned Abbas Kojer, the capacity expansion project director, told Reuters on the sidelines of a ceremony to launch the new installations in Al-Zubair, south of Basra.
Zubair’s production capacity will rise gradually to 625,000 bpd by the end of the year, as three additional processing facilities are added, and further expansions will take its capacity to its 850,000 bpd target by 2020, Abbas said.
The field should produce 140 million cubic feet per day of gas by the end of the year, he added.
Iraq, the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia, has an oil production capacity of nearly 5 million bpd.
Crude output is kept at about 4.45 million bpd, in line with a deal between OPEC and some other non-OPEC producers to curb production in order to bolster crude prices.
The country is also seeking to lift its refining capacity to become self-sufficient in oil products.
The oil ministry has asked investors for bids by June 14 to build a 100,000 bpd refinery in Kut, south of Baghdad.
Iraq’s refining capacity was curbed when Daesh overran its largest oil processing plant in Baiji, north of Baghdad, in 2014.
Iraqi forces recaptured Baiji in 2015 but it sustained heavy damage in the fighting. The country now relies on the Doura refinery in Baghdad and the Shuaiba plant in the Basra region.


Dubai schools allowed to raise fees after last year’s freeze hit GEMS listing

Updated 26 March 2019
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Dubai schools allowed to raise fees after last year’s freeze hit GEMS listing

  • UAE authorities fixed the fees in hopes of stimulating the economy
  • The maximum increase for next year will be 2.07 percent for 90 percent of the schools

DUBAI: Dubai will allow a modest increase in school fees for the majority of students in the 2019-2020 academic year, the government said, after last year’s freeze triggered a delay in the London listing of a major school operator.
The move is likely to provide some reprieve for private investors such as private equity firms, who own most of the schools in the country, a Gulf Arab state that acts as a Middle East hub for international companies.
Last year’s move to freeze Dubai school had hit the initial public offering of Blackstone-backed, Middle East-focused education company GEMS, Reuters had reported, citing sources. The London listing was delayed after authorities in Dubai unexpectedly decided to freeze tuition fees, meaning the company’s financial forecasts had to be adjusted, they said.
Dubai’s move last year to freeze school fees came amid a number of other measures to cut costs in a bid to stimulate the economy that has been hurt by a downturn in property prices.
The Dubai government said it will allow an increase in school fees for 90 percent of students by a maximum 2.07 percent from the 2019-2020 academic year.
Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, the crown prince and son of Dubai’s ruler, approved the new framework where the Dubai School Inspection Bureau will assess the quality of education in each school against its index and rank them accordingly.
Schools in which the quality of education is declining according to the government’s index will not be allowed to increase their fees.
Only 10 percent of the students in Dubai will have their fees increased by more than 2.07 percent, it said.