NEWS
Quick Access
Insurgent attacks on oil industry cost Iraq $8b
(AFP)

3 January 2005
BAGHDAD - Insurgent attacks on Iraq’s vital oil industry have cost the country nearly eight billion dollars in lost export revenue since March 2003, Oil Minister Thamer Abbas Ghadban said yesterday.

“We want to tell the Iraqi people that there is an all-out war against the country’s oil infrastructure,” Ghadban told reporters as he toured the capital’s Dura refinery, which came under mortar fire last week.

Ghadban estimated lost export revenue from sabotage at about eight billion dollars since the March 2003 US-led invasion of Iraq, which sits on the world’s second largest reserves of crude oil.

“Exports are now limited only to the south, there are no exports in the north, “ he added. Oil exports from southern terminals in Basra are averaging 1.8 million barrels per day.

Osama bin Laden ordered his supporters to sabotage oil facilities in Iraq and the Gulf, in an audiotape attributed to the Al-Qaeda leader broadcast on an Islamist website last month.

“Take jihad (holy war) to stop (the Americans) getting hold of (the oil). Concentrate your operations on the oil, in particular in Iraq and the Gulf,” said the voice on the tape.

Ghadban has warned that sabotage is to blame for fuel shortages that continue to plague the country despite its oil wealth, sometimes forcing people to wait a whole day to fill up their vehicles.

But power supply is also affected with most sections of Baghdad plunged in darkness almost every night and residents having to rely on generators.

The Dura refinery provides fuel for Baghdad’s main power plant, which supplies electricity for most of the capital and outlying areas.

Ghadban said attacks continued over the weekend, with a pipeline transporting crude from the oilfields of Kirkuk in northern Iraq to the Baiji refinery bombed and a power plant in Mussayab, south of the capital, also attacked.
Have your say
OTHER STORIES
  Dubai World Acts to Reassure Creditors
  UAE has Proven its Strength: Al Mansouri
  World Stocks Rally on Dubai ‘Stability’
  UAE Interbank Rates Ease on ‘Improved’ Confidence
  Amlak Finance Posts Q3 Net Loss of Dh45 Million
  EMAL Aluminium Plant in Capital Begins Production
+ MORE STORIES

Khaleej Times Services
© 2009 Khaleej Times, All rights reserved