World Bulletin/News Desk
Spokesperson of Iraqi Oil Ministry Asim Jihad stated they started a second oil pipeline project as Kirkuk-Ceyhan pipeline was continuously exposed to terror attacks.
Saying they are going to build a new pipeline along with a Turkish company to export the oil of Kirkuk to the whole world through Turkey's ports, Jihad told AA in an exclusive interview that the aim of constructing a new pipeline was supporting the existing pipeline and preventing any interruption in oil shipment in case of a malfunction.
Formerly, there was a slowdown in oil exports due to terror attacks on the pipelines by unidentified people, he said.
Meanwhile, Kirkuk city council said in a written statement that the oil ministry had not informed officially them about the new pipeline.
Council's oil and gas commissionner Fuad Hossein stated after the new pipeline was completed, the oil export would reach 1 million barrels.
It was also stated if oil was found within the borders of any province, a certificate of approval must be taken from the city council according to the Iraqi constitution
Governor of Kirkuk Najmattin Karim had met Iraqi prime minister Nuri al-Maliki to protect the pipelines from terror attacks. It was reminded that daily export decreased from 450,000 to 250,000 barrels due to the attacks.
Kirkuk-Ceyhan pipeline is known as Iraq's biggest oil-exporting line. It's stated Kirkuk owns 996 oil wells and 18 gas stations.
Summit is expected to provide member states with opportunity to consult, exchange views on the most important issues concerning them in the framework of the Gas Exporting Countries Forum
Slowdown in Chinese economy, rising oil stocks in US, and oversupply from OPEC are all factors making price of oil lower
'World is more connected than ever before. More and more developing countries are seeking to join global trade networks,' WTO director-general says
European Central Bank is ready to use ‘all instruments available’ to stimulate the eurozone economy, Draghi says
Kazakhstan has overtaken Australia as the lead supplier of uranium for US reactors.
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous
Global growth at further risk from Chinese asset price deflation, and US interest rate increases, Moody's says
Traders fear Chinese government will withdraw support measures markets
European Commission president 'convinced' three-year plan will boost investment in EU
Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.