Iraq Opens New Oil Export Terminal In Persian Gulf

Published February 12, 2012 9:54AM (EST)

BAGDHAD (AP) — Iraq has opened the taps at a new oil export terminal in the Persian Gulf in a vital step to bringing sorely needed cash for reconstruction after decades of war and international sanctions.

Oil Ministry spokesman Assem Jihad says oil exports through southern Iraq — which currently stand at about 1.7 million barrels a day — will be boosted by about 200,000 barrels per day beginning in March.

Jihad said the new single point mooring (SPM) was inaugurated Sunday by Prime Minister Nouri al-Maliki during a ceremony in the oil-rich province of Basra.

Iraq's total daily oil exports averaged 2.145 million barrels in December. The government relies on oil exports for 95 percent of its revenue.

By Salon Staff

MORE FROM Salon Staff

Related Topics ------------------------------------------