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Iraq to Build New Offshore Oil Export Pipeline in the South

Iraqi flag in front of an oil field (AFP)
Iraqi flag in front of an oil field (AFP)
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Iraq to Build New Offshore Oil Export Pipeline in the South

Iraqi flag in front of an oil field (AFP)
Iraqi flag in front of an oil field (AFP)

Iraq intends to build a new offshore pipeline at a cost exceeding $416 million, to support crude oil exports from the southern ports between 2025 and 2024.
In press statements on Sunday, the Director General of the Basra Oil Company, Bassem Abdul Karim, said that pipeline was the third of its kind in the northern Gulf in Basra Governorate.
The 48-inch pipeline will have a capacity of 2 million barrels per day (bpd), and will be built by the Dutch company Boskalis.
Abdul Karim noted that the ministry was currently working with Boskalis to put the final touches on the contract to construct the pipeline.
He added that the project will support strengthening the infrastructure for exporting crude oil and raising the export capacity of Al-Faw oil depots and the port of Basra to 5 million barrels per day by the end of 2025.
The minister also explained that Iraqi crude oil export rates from southern ports were currently stable at a ceiling of 3.4 million barrels per day, produced by oil companies in the governorates of Basra, Maysan and Dhi Qar, while crude oil production levels from the fields of Basra Governorate alone reach 3.2 million barrels per day.
After a 10-year hiatus due to sabotage and terrorist acts, the Iraqi Oil Ministry announced on Saturday the resumption of pumping petroleum products into the Baiji-Kirkuk pipeline.
The ministry said in a statement that the company’s technical and engineering teams have successfully completed maintenance and rehabilitation work on the pipeline.

 

 

 

 

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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.