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Iraq Aims to Boost Crude Export Capacity to 6m Bpd

An Iraqi oil worker at an oil refinery in the town of Nasiriyah, Iraq. (File/AFP)
An Iraqi oil worker at an oil refinery in the town of Nasiriyah, Iraq. (File/AFP)
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Iraq Aims to Boost Crude Export Capacity to 6m Bpd

An Iraqi oil worker at an oil refinery in the town of Nasiriyah, Iraq. (File/AFP)
An Iraqi oil worker at an oil refinery in the town of Nasiriyah, Iraq. (File/AFP)

Iraq aims to increase crude oil export capacity from its southern ports to 6 million barrels per day from the current 3.5 million barrels a day capacity, Karim Hattab, deputy oil minister for distribution affairs said in a statement.

Hattab said the increased capacity would be after 2023 and that the plan includes building 24 storage tanks.

In a statement, he revealed that “the ministry is keen to expedite the completion and implementation of projects to develop oil warehouses in Al-Faw district in Basra Governorate, which aim to enhance and maintain oil exports from southern ports.”

The deputy oil minister added that the ministry is working on developing the Al-Faw oil depot.

He indicated that “the aim is to raise the export capacity of the current system ranges from (3.5) million cubic meters to (6) million barrels per day after 2023.”

Hattab stressed the need to “differentiate between the export capacity available for the export system and the actual export determined by the ministry according to the requirements of the actual need in the future.”

The ministry’s plans also aim to implement the marine pipeline project from the Faw warehouse, he pointed out.

In another context, the Head of the International Monetary Fund (IMF) in Iraq, Tokhir Mirzoev welcomed the Council of Ministers’ approval of a draft of the 2021 Federal Budget Law and expressed the fund’s readiness to support reform efforts by the government.

He said that, according to their understanding, the approval of the draft envisaged the implementation of important financial reforms.

Mirzoev continued that despite the difficulty of those reforms and the recently announced devaluation of the currency exchange rate, they constitute critical steps to help reduce significant imbalances in payments and public finances and ensure economic stability.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.