Oil & Gas Iraq gives go-ahead to $4.6bn oil pipeline By Pramod Kumar December 31, 2024, 10:40 AM Reuter/Essam Al-Sudani The Basrah-Haditha oil pipeline will be funded under the Iraq-China agreement Iraq has approved the construction of the 5.97 trillion dinars ($4.6 billion) Basrah-Haditha oil pipeline, according to a local media report. The project is being developed by state-backed Basra Oil Company and Oil Projects Company, and funded under the Iraq-China agreement, Shafaq News reported. In August, the oil ministry proposed a pipeline to transport crude to the country’s central and southern regions. The country’s oil production averages nearly four million barrels per day (bpd), Reuters reported, citing government officials. Iraq, the second-largest producer in Opec, plans to increase its crude output to 6 million bpd by 2028, state-owned Iraqi News Agency (INA) reported in September, citing deputy minister for extraction affairs Basim Khudair. Iraq has a tough job to balance Opec quotas with its capacity goals BP and Iraq agree terms on redeveloping Kirkuk oilfield Iraq to auction 30 oil and gas projects In early 2024, Iraq awarded several oil and gas concession sites to 22 global companies. A report in October by the official Iraqi Al Sabaah newspaper said the country is planning to offer fresh oil and gas concession sites in 2025. Iraqi oil minister Hayan Abdel Ghani said in September the new projects would add nearly 3.459 billion cubic feet of gas per day and boost the country’s recoverable oil deposits to 160 billion barrels from around 145 billion.
Education Gems Education announces $100m Dubai school Gems Education has revealed plans to open the most expensive school in the Gulf, which is set for completion later this year. It is spending $100 million to develop Gems School of Research and Innovation in Dubai Sports City. Annual fees will start from AED116,000 ($31,582) for early-years education and rise to AED206,000 by the […] 4 hours ago
Mining Brazil and UAE sign minerals exploration deal The UAE and Brazil have signed an agreement potentially worth billions of dollars to invest in the search for minerals that are essential to the green energy transition. The memorandum of understanding aims to promote exploration for and development of “strategic” minerals, in a partnership that could reach R$15 billion ($2.45 billion) in investments, Brazil’s […] 3 hours ago
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] 3 hours ago
Construction Turkey to build low-cost housing to ease rent pressures Turkey has unveiled a new scheme to provide affordable homes for low-income earners and first-time buyers aimed at easing inflationary pressures generated by rising rents and helping to support the housing sector. Vice president Cevdet Yılmaz announced on Friday that state housing agency TOKİ would be overseeing the new low-cost housing programme, with work to […] 2 hours ago
