IRAQ. The Ministry of Oil of Iraq has signed an Implementation agreement for the construction under BOO terms of the Refinery of Karbala with RKC (Refinery of Karbala Corporation Ltd.)
The new Refinery will have a daily capacity of 200,000 barrels of Crude Oil and will produce high quality, high octane gasoline (regular and premium) as well diesel fuel for the domestic market.
“Karbala Refinery will be located 100km south of Baghdad on a 6 square kilometer plot of land, and will be the most advanced state of the art refinery with almost full conversion rate and with an estimated cost of
UAE. Energy sector hit by selling as Iraqi oil keeps on flowing; Precious metals managed to hold on to the gains from the previous week with silver reaching the highest since March, continuing to outperform gold.
INTERNATIONAL. In an audio recording distributed online, ISIS declared its chief Abu Bakr al-Baghdadi 'the caliph'; Though the move may not have a significant impact on the ground, it is an indicator of the group's confidence.
INTERNATIONAL. Neither the Syrian regime nor the rebels that oppose it stand to gain a decisive advantage from the Islamic State in Iraq and the Levant's recent actions in Iraq. As things stand now, the primary beneficiary will be ISIL itself.
INTERNATIONAL. One aspect of this war is that both sides apparently found it necessary, despite knowing it would have no definitive military outcome. The question therefore is not what the point of all this is but where all this ends.
INTERNATIONAL. In a presidential statement, the 15-member body expressed strong support for a ceasefire, and urged all parties to accept and fully implement it into the Eid period marking the end of the Muslim fasting month of Ramadan and beyond.