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KTFA
Clare » April 13th, 2025
Arab Bank returns to Baghdad after 80 years of presence
4/13/2025
Iraqi Prime Minister Mohammed Shia al-Sudani received, on Sunday, a delegation from the Arab Bank, headed by the bank’s Chairman of the Board of Directors, Sabih al-Masri, and attended by a number of board members, on the occasion of the upcoming opening of the Arab Bank/Iraq branch in the capital, Baghdad.
During the meeting, according to a statement issued by the Prime Minister’s media office and received by Shafaq News Agency, ways to enhance cooperation between Iraq and the Arab Bank in the financial and banking fields were discussed, as well as the bank’s participation in financing investment projects within the country.
Al-Sudani emphasized that Arab Bank has been present in Iraq for nearly eighty years, noting that its return today reflects the political and economic stability the country is experiencing.
The Prime Minister stressed the importance of expanding the bank’s activities to include contributions to development and economic stability, affirming the government’s readiness to provide all forms of support that would enhance Arab and foreign banking activity in service of the Iraqi economy.
For its part, the Arab Bank delegation expressed its willingness to participate in financing a number of investment projects and expand its activities in Iraq, contributing to job creation and revitalizing the economic sector. LINK
Iraq signs contract for third offshore oil export pipeline project
4/13/2025
Basra Oil Company signed, on Sunday, a contract to implement the third marine pipeline project for exporting oil, with a coalition of the Italian company MICOPERI and the Turkish company ESTA, with a design capacity of 2 million and 400 thousand barrels per day.
Hayan Abdul-Ghani, Deputy Prime Minister for Energy Affairs and Minister of Oil, who sponsored the contract signing, said the project is an important strategic undertaking.
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He pointed out that the project aims to ensure flexibility and stability for crude oil exports from the southern ports, explaining that the pipeline’s operational capacity will be approximately 2 million barrels per day.
He added that flexibility comes from the possibility of exporting crude oil from three ports (Basra Port, Khor Al-Amaya Port, and the floating platform).
The Minister continued by saying that the project was approved by the Council of Ministers, and includes extending a 48-knot marine pipeline, with a length of 61 km in the marine section and 9 km in the land section, in addition to two marine platforms, one in the Basra oil port, and the second in the Al-Amaya oil port.
In addition, the project includes a floating marine buoy for exporting crude oil, and other accessories related to electricity, communications, control systems, and cathodic protection. LINK
Source: Dinar Recaps
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