Oil tankers anchored at Basra harbour. AFP
Oil tankers anchored at Basra harbour. AFP

Iraq acts to counter Iran oil threat



Iraq's cabinet has approved a contingency plan to increase the country's options for exporting oil after Iran threatened to close the Strait of Hormuz.

The bulk of Iraq's crude reaches the world market via the Basra export hub in the south of the country, where oil is loaded on to tankers and shipped though the strait.

But Iraq also has a pipeline running from Kirkuk in the north through Syria to the port of Ceyhan on the Turkish Mediterranean coast that could be developed.

"Short and mid-term plans will be through boosting crude pumping and upgrading export capacity via Ceyhan port in Turkey.

"Also to increase the number of trucks that are shipping crude," Ali Al Dabbagh, a government spokesman, said on Sunday.

Angered by Iran's refusal to abandon its nuclear programme, the United States and the European Union have hit Tehran with a new round of sanctions aimed at choking the country's oil trade, along with an embargo on Iranian crude sold into Europe.

Tehran responded with threats to block the strait, through which 30 per cent of global crude is transported.

Iraq, the third-largest Opec producer, last month sent about 1.7 million barrels per day (bpd) of its approximately 2 million bpd export through Basra.

The southern oilfields, which produce the bulk of the country's crude, would be connected to the existing Ceyhan pipeline under the contingency plan. To this effect, a pipeline that connected north and south before its destruction in the first Iraq war is being rebuilt.

"The oil ministry suggested accelerating work to complete building the north strategic pipeline and connect it to the Kirkuk-Ceyhan pipeline to export oil from Basra via Ceyhan port," Mr Dabbagh said.

A third of the 680-kilometre pipeline has already been completed, and the structure will be operational by next year, said a spokesman for the oil ministry.

The government is also considering resurrecting a pipeline connecting Iraq with Syria, and opening talks with Saudi Arabia to ship crude via the Red Sea port of Yanbu.

This month, the first of a series of offshore terminals near Basra became operational, boosting Iraq's export capacity in the south to 2.2 million bpd.

Also this month, Baghdad announced that Iraq's crude production had reached 3 million bpd.

Iraq is not the only country looking to bypass the strait.

The Abu Dhabi Crude Oil Pipeline, designed to deliver the emirate's onshore crude production to the emerging export terminal in Fujairah, is scheduled to become operational by June, Mohammed Al Hamili, the UAE Minister of Energy and the country's Opec governor, said in January. The pipeline, which is owned by International Petroleum Investment Company, was originally scheduled to come into service at the beginning of the year.

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The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

CHATGPT%20ENTERPRISE%20FEATURES
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO

Uefa Champioons League semi-final, first leg:

Liverpool 5
Salah (35', 45 1'), Mane (56'), Firmino (61', 68')

Roma 2
Dzeko (81'), Perotti (85' pen)

Second leg: May 2, Stadio Olimpico, Rome

The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

'Skin'

Dir: Guy Nattiv

Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga

Rating: 3.5/5 stars

England ODI squad

Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Napoleon
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COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
The five types of long-term residential visas

Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:

Investors:

A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.

Entrepreneurs:

A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.  

Specialists

Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.

Outstanding students:

A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university. 

Retirees:

Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.