Iraq to Establish Fixed Platform for Imported Gas at Grand Faw Port

Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)
Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)
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Iraq to Establish Fixed Platform for Imported Gas at Grand Faw Port

Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)
Sudani chairs the meeting held to follow up on the implementation of the Ministry of Oil projects. (INA)

Iraqi Prime Minister Mohammad Shia Al-Sudani approved Wednesday the establishment of a fixed platform for imported gas at the Grand Faw Port.
This gas platform marks a significant milestone in the country's oil and gas sector, representing the first of its kind.
The Prime Minister's Office (PMO) issued a statement confirming the approval of the specialized committee's recommendations during a meeting chaired by Al-Sudani.
The meeting focused on outlining the forthcoming steps to operationalize the fixed platform.
Al-Sudani underscored that the successful initiation of this vital project was made possible by the substantial progress achieved in the Grand Faw Port project.
This strategic endeavor aligns with the government's commitment to address challenges related to gas supplies, eliminate hurdles in gas imports, and transition towards reliance on gas sourced from Iraqi fields.
According to the statement, the endorsed recommendations put forth by the committee include the engagement of a reputable international consulting firm to oversee both the technical and commercial aspects of the project.
Furthermore, it intends to issue invitations for the establishment of a fixed platform dedicated to importing liquefied gas within the expansive Al-Faw port along with the infrastructure, and integrating it into the existing pipeline network.
This move is aimed at ensuring a consistent gas supply from diverse sources and bridging the gap in electricity station operations.



Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.