INSEAD Day 4 - 728x90

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.

Salik profit slips in H1

The company said traffic recovery supported resilience.

Turkey is restarting ruptured oil link connecting Iraq

The aftermath of an explosion at the Kirkuk-Ceyhan oil pipeline. AFP File Photo
  • Tuesday's blast along the Kirkuk-Ceyhan link in southern Turkey contributed to a rise in international crude oil prices to a seven-year high
  • The pipeline normally carries more than 450,000 barrels a day from oil fields in northern Iraq to a Turkish port on the Mediterranean Sea

Turkey’s state oil operator said on Wednesday it was about to restart crude flows through a ruptured pipeline linking Iraqi energy fields with international markets.

Tuesday’s unexplained blast along the Kirkuk-Ceyhan link in southern Turkey contributed to a rise in international crude oil prices to a seven-year high.

The pipeline normally carries more than 450,000 barrels a day from oil fields in northern Iraq to a Turkish port on the Mediterranean Sea.

Turkey’s state oil operator Botas said the fire had been fully extinguished late Tuesday but gave no indication for what caused the blast.

It said early on Wednesday that “all the necessary precautions have been taken” and oil flows would resume later in the day.

The blast occurred in wintery weather conditions in a sparsely populated region of southern Turkey.

Images on social media showed huge fireballs illuminating the night sky in snow-covered fields.

Local officials said the blast also halted traffic along a highway linking the southern cities of Adana and Gaziantep.