IRAQ

Iraq Signs Oil-for-Cars Barter Deal with Brazil

Under agreements signed in Rio de Janiero last week Iraq and Brazil have concluded a major oil barter deal, worth $630mn, for the supply to Iraq over a two-year period of 100,000 Volkswagen "Passat" cars in exchange for 22,000-25,000 b/d of Iraqi crude transported by tanker truck to Jordan and shipped via the Red Sea port of 'Aqaba. The agreements were signed by the president of the Brazilian state oil agency Petrobras, Mr....