INSEAD Day 4 - 728x90

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Iraqi Kurdistan suspends oil export via quake hit Turkey

"The exportation will resume after careful inspection of the pipelines finalized," said a Kurd official. (AFP)
  • The autonomous Kurdish region of northern Iraq usually exports around 450,000 barrels of oil a day through Turkey.
  • A 7.8-magnitude earthquake hit southern Turkey and neighboring Syria on Monday, killing more than 1,800 people.

Arbil, Iraq – Iraqi Kurdistan said it was suspending oil exports through Turkey as a precaution after a deadly earthquake rocked its northern neighbor and Syria before dawn on Monday.

“Due to the earthquake that hit Turkey and Syria, and to ensure the safety of oil exports and prevent any undesirable incidents, oil exports through the pipeline connecting the Kurdistan region to Turkey have been suspended,” the Kurdish ministry of natural resources said in a statement.

The autonomous Kurdish region of northern Iraq usually exports around 450,000 barrels of oil a day through Turkey.

It has continued to pump oil out of the country despite the federal authorities demanding a halt to the trade.

“The Kurdistan Regional Government confirms the halt of oil exportation through #Turkey’s Ceyhan due to the #earthquake that struck several areas in the country,” tweeted Lawk Ghafuri, head of foreign media relations in Kurdistan.

“The exportation will resume after careful inspection of the pipelines finalized.”

A 7.8-magnitude earthquake hit southern Turkey and neighboring Syria on Monday, killing more than 1,800 people and causing widespread damage, with tremors felt as far away as Egypt and Iraq.

It was followed by a second earthquake of magnitude 7.5 a few hours later.