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Iraq approves plan to expand oil exports

0 Comment(s)Print E-mail CNTV, March 19, 2012
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Iraq has approved a plan to expand its oil export routes in order deal with any potential crisis should Iran close the Strait of Hormuz.

Iraq will add capacity from its northern fields and build a pipeline to ship oil from southern fields to Ceyhan in Turkey. The plans approved by the government are a short-term measure based on recommendations from the oil ministry.

Baghdad also hopes the plan will help convince Iran and the US of the need to avoid closing the Strait of Hormuz. He adds that the plan has also led to talks with top OPEC oil exporter Saudi Arabia on shipping Iraqi crude to Yanbu via the Red Sea.

 

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