Iraq starts oil exports from new floating facility

BASRA: Iraq began loading oil from a long-awaited new floating Single Point Mooring (SPM) platform in the Gulf on Thursday, two sources at the state-owned South Oil Company said.

"We started the loading at 2:45 pm (1145 GMT). The loading process is normal. The situation of pipes and the SPM is stable, and we have no problems," said one of the sources.

Iraq's oil exports have been held back by a lack of loading capacity in the Gulf after decades of neglect of infrastructure through war and economic sanctions. The opening of the new platform, built by Australian construction firm Leighton, had been held up for weeks because of poor weather.