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Iraq exports first oil to world markets since war
Ceyhan Oil Terminal, Turkey, June 22: Iraq returned to the world oil market today, exporting its first crude oil since the US-led invasion in a crucial step that will bring in revenue vital to rebuilding the country.
Ceyhan Oil Terminal, Turkey, June 22: Iraq returned to the world oil market today, exporting its first crude oil since the US-led invasion in a crucial step that will bring in revenue vital to rebuilding the country.
The export of crude from Iraq, which has the second largest oil reserves in the world, is a major step for a country in desperate need of funding to repair battered infrastructure - including its oil facilities - and rebuild an economy devastated by more than 12 years of UN economic sanctions.
Turkish workers began loading 1 million barrels of Iraqi crude onto the Turkish tanker Ottoman Dignity in a ceremony attended by senior Iraqi, US and Turkish oil officials at this Mediterranean oil terminal, at the end of a twin pipeline running from Iraq`s northern oil fields.
The Ottoman Dignity will carry the oil to a Turkish refinery on the Aegean Coast. Earlier, Turkish workers connected oil pipelines to the Ottoman Dignity, waiting for the go-ahead to start pumping oil onto the tanker _ a process which is expected to take 23 hours. The vessel was docked at a pier along which white painted pipelines ran.
``This will mark the beginning of a new era and beginning of normalisation,`` said Mehmet Takiyuddin Bilgic, head of Turkey`s pipeline company Botas.
The money from the sale will go to a US-controlled fund for rebuilding efforts.
Some 8 million barrels of oil have been stored in southern Turkey since before the US-led war began.
Bureau Report
Turkish workers began loading 1 million barrels of Iraqi crude onto the Turkish tanker Ottoman Dignity in a ceremony attended by senior Iraqi, US and Turkish oil officials at this Mediterranean oil terminal, at the end of a twin pipeline running from Iraq`s northern oil fields.
The Ottoman Dignity will carry the oil to a Turkish refinery on the Aegean Coast. Earlier, Turkish workers connected oil pipelines to the Ottoman Dignity, waiting for the go-ahead to start pumping oil onto the tanker _ a process which is expected to take 23 hours. The vessel was docked at a pier along which white painted pipelines ran.
``This will mark the beginning of a new era and beginning of normalisation,`` said Mehmet Takiyuddin Bilgic, head of Turkey`s pipeline company Botas.
The money from the sale will go to a US-controlled fund for rebuilding efforts.
Some 8 million barrels of oil have been stored in southern Turkey since before the US-led war began.
Bureau Report