عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
TT
TT

Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.