22 Feb '12, 12pm

#Iraq eyes options in case #Iran shuts Straight of #Hormuz

Iraq is mulling options to boost oil exports through Turkey or to reopen disused pipelines in case Iran blocks the strategic Strait of Hormuz as threatened, the planning minister said on Wednesday. Iran has threatened retaliation for fresh Western sanctions over its nuclear programme, including a possible disruption of shipping through the Strait of Hormuz, a Gulf chokepoint for global oil shipments. "Government committees have been formed in Iraq" and have discussed options "if, God forbid, the Strait of Hormuz is closed," Planning Minister Ali Yusuf al-Shukri told a news conference in Baghdad. The vast majority of Iraq's oil is exported from terminals in the northern Gulf and passes through the Strait. One option is increasing exports through a pipeline that runs into Turkey to one million barrels per day (bpd), from the current figure of 400 to 450,000 bpd, he said. "We...

Full article: http://sg.finance.yahoo.com/news/iraq-eyes-options-case-h...

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