The ISX operates Sunday to Thursday from 10:00 a.m. to 12:00 noon (Iraq time). Prices delayed by 15 minutes.
Posted on 23 March 2012.
Iraq said on Thursday that weather, rather than a technical fault, was behind an interruption in the operation of the new single point mooring (SPM) terminal on the Persian Gulf.
The new facility loaded 2 million barrels of oil into its first ship, the Maersk Hirado, between 8th March and 13th March, but has not worked since.
Sources at the state-owned South Oil Company had blamed technical faults for the interruption, but Oil Minister Abdul Kareem Luaibi [Elaibi] said that weather was to blame after storms hit the Gulf. “As we speak, a second vessel is on its way to the SPM, with a capacity of 2 million barrels,” Luaibi said.
Asim Jihad, an oil ministry spokesman, said, “it is hopeful that today or tomorrow an oil tanker will anchor to be supplied with oil”.
(Sources: Reuters, Bloomberg)
Dr. Mark A. DeWeaver
|Why I Still Like North Bank||Ahmed Mousa Jiyad||Iraq’s Petroleum: Challenges of Managing...|
|Sherif Salem||Iraqi Firms Need Foreign Expertise...||John Schnittker||Wheat Harvest Threatened by Heavy Rains|
|Madeleine White||Building the Educational Pipeline in Kurdistan|