Amid continuing oil market turmoil and uncertainty over its stalled federal oil law, Iraq has finalised a deal with China to develop its al Ahdab oil field.
The agreement, originally announced in August by the Iraqi oil minister Hussein al Shahristani during an official visit to Beijing, is Iraq's first major oil-development contract with a foreign company since the former dictator Saddam Hussein was ousted in 2003.
According to information published on the website of the Iraqi president Jalal Talabani's Patriotic Union of Kurdistan (PUK) party, the heads of Iraq's State Oil Export Company and al Waha Chinese Company on Monday signed a 20-year non-renewable contract valued at US$3.5 billion (Dh12.8bn) to develop the oil field - putting the project's price-tag $500 million higher than previously estimated.
The deal replaces a cancelled agreement between the state-owned China National Petroleum Corporation (CNPC) and Hussein's regime to develop the al Ahdab field, which was discovered in 1979, contains about 225 million barrels of reserves, and could potentially produce 90,000 barrels per day of crude, according to an Iraqi government estimate. But under the deal announced in August, CNCP would work for a fee instead of being entitled to a share of oil-production profits.
The PUK website said the development would help Iraq's al Zubaidiya power station supply much-needed electricity to half of the country's provinces.
Samuel Ciszuk, the Middle East energy analyst for consulting firm IHS Global Insight, said the al Ahdab project was likely to move ahead quickly. The contract's terms were believed to include clauses requiring the Chinese company to have staff in place and begin work within two months of signing, and others severely limiting the circumstances in which it could halt work due to security threats, he said.
In the absence of a new federal oil law that would clarify the terms under which foreign companies may participate in Iraqi oil and gas projects, Mr Shahristani has avoided offering politically controversial deals that would entitle them to any significant profits from oil-production. However, that approach has contributed to long delays in reaching deals with western companies to refurbish the country's oil sector. Most recently, Mr Shahristani has proposed hybrid deals that would offer foreign companies a share in oil profits after certain targets have been reached, in addition to a basic fee for services.
But in doing so, he has attracted a storm of protest from Iraq's oil unions and other political factions that favour nationalising the country's oil industry, further bogging down negotiations over the federal oil law. The most recent draft was already bitterly opposed by the government of northern Iraq's autonomous Kurdistan region, on grounds that it would put too much of the country's oil resources under Baghdad's control.
tcarlisle@thenational.ae
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Engine: Electric
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RESULTS
Men – semi-finals
57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.
67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.
60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28
63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.
71kg – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28
81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27
86kg – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
COMPANY%20PROFILE
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Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
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On sale: Now
65
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UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
The%20specs
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Zombieland: Double Tap
Director: Ruben Fleischer
Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone
Four out of five stars
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Stage 2 results
1 Caleb Ewan (AUS) Lotto Soudal 04:18:18
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:02
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:04
4 Diego Ulissi (ITA) UAE Team Emirates
5 Rick Zabel (GER) Israel Start-Up Nation
General Classification
1 Caleb Ewan (AUS) Lotto Soudal 07:47:19
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:12
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:16
4 Nikolai Cherkasov (RUS) Gazprom-Rusvelo 00:00:17
5 Alexey Lutsensko (KAZ) Astana Pro Team 00:00:19
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'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Results
5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; Winner: Nadhra, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m; Winner: AF Dars, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,400m; Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
6.30pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Taghzel, Malin Holmberg, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m; Winner: M’Y Yaromoon, Khalifa Al Neyadi, Jesus Rosales
7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m; Winner: Hakeem, Jim Crowley, Ali Rashid Al Raihe
