Iraq opens new oil export terminal in Persian Gulf

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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-02-12-ML-Iraq-Oil/id-2e29d010c8bf4182b15ab2b1ccc3dc8f

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