IRAQ

Iraq Negotiating Credit Facility with Italian Banks for Iraqi-Saudi Pipeline 

MEES understands that Iraq is in the final stages of negotiating an export credit facility worth around $250mn with Italian banks to finance part of the construction of the $508mn first phase of the Iraqi-Saudi pipeline, and that it has also speeded up its crude oil deliveries to Italy's state-owned Agip in part payment of the project. These two options were chosen last spring instead of an...