Swiss Bühler firm launches Iraq's largest silo project
Iraq on Thursday broke ground for its largest silo that will be built by the Swish Bühler Group with a storage capacity of 60,000 tonnes.
Trade Minister Atheer Al-Ghurairy laid the foundation stone for the project in the Northern Kirkuk province, the Ministry said on Facebook.
Al-Ghurairy said the silo is one of five cereal storage facilities to be built by the Swish Company and its project partner Samco Company of Egypt.
'This project is part of a government plan to accommodate the increasing production of cereals, mainly wheat production which has largely increased in the past few years in North and South Iraq,' the Minister said.
'Five silos of the same capacity will be constructed across Iraq...they will employ the latest storage technology and will provide a safe and efficient facility for Iraqi farmers to market their products,' he added.
The project cost wasn't disclosed.
Iraq, a major OPEC oil producer, signed a contract with the Swiss Group in late 2024 for the construction of five silos in different areas.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Mideast factors to watch on June 10
Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Stocks rise, dollar tentative ahead of US-China talks outcome * Oil up as market watches US-China trade talks * PRECIOUS-Gold falls as traders watch US-China trade talks in London * MIDEAST STOCKS-UAE shares end higher as outcome of US-China trade talks awaited * OPEC oil output rises in May but compensation cuts limit hike, Reuters survey finds * Iran to present counter-proposal to US, Trump says talks to resume UNITED ARAB EMIRATES * Etihad And Ethiopian Airlines Start Strategic Codeshare Partnership * Emirati businessman Khalaf Al Habtoor to visit Syria to explore investment opportunities, group says * Emirates NBD Partners With Siemens To Boost Financing For Green Infra Projects SAUDI ARABIA * Saudi crude oil supply to China to dip in July, sources say * Saudi Arabia's first-quarter GDP grows by 3.4%, beating flash estimates ISRAEL * Bank of Israel MPC voted 5-0 to hold rates over inflation concerns * UN says most flour delivered in Gaza looted or taken by starving people * Italy and Israeli Paragon part ways after spyware affair IRAN
Economy ME
2 hours ago
- Economy ME
Crude oil prices climb above $67.2 as U.S.-China trade talks show promise
Oil prices increased on Tuesday as investors anticipated the results of U.S.-China discussions that might facilitate the easing of trade tensions and enhance fuel demand. Brent crude futures climbed by 28 cents, or 0.4 percent, reaching $67.32 a barrel by 03:30 GMT (currently trading above $67.2). Meanwhile, U.S. West Texas Intermediate crude gained 23 cents, or 0.4 percent, to $65.52 (now trading above $65.35). On Monday, Brent had surged to $67.19, marking the highest level since April 28, buoyed by the potential for a U.S.-China trade agreement. U.S.-China trade talks were scheduled to continue for a second day in London, with top officials seeking to alleviate tensions that have escalated from tariffs to rare earth restrictions, threatening global supply chain stability and slower economic growth. Prices have rebounded as concerns regarding demand have diminished, thanks to the trade discussions between Washington and Beijing, alongside a favorable U.S. jobs report. However, analysts from Goldman Sachs warned of risks to North American supply due to wildfires in Canada. Read more: Crude oil prices steady above $66.4 as market eyes U.S.-China trade discussions Market implications of OPEC supply increases U.S. President Donald Trump stated on Monday that the discussions with China were progressing positively and that he was 'only getting good reports' from his team in London. A trade agreement between the U.S. and China could bolster the global economic outlook and increase demand for commodities, including oil. Additionally, a Reuters survey indicated that the Organization of the Petroleum Exporting Countries ( OPEC) oil output increased in May, although the rise was constrained as Iraq produced below its target to offset earlier overproduction. OPEC+, which accounts for about half of the world's oil supply and includes OPEC members and allies like Russia, is expediting its plan to reverse its most recent layer of output cuts. 'The prospect of further hikes in OPEC supply continues to hang over the market,' Reuters reported, citing Daniel Hynes, senior commodity strategist at ANZ, who noted in a statement, 'A permanent shift to a market-driven strategy (in OPEC) would push the oil market into a sizeable surplus in the second half of 2025 and almost surely lead to lower oil prices.'
Zawya
3 hours ago
- Zawya
Saudi crude oil supply to China to dip in July, sources say
SINGAPORE - Saudi Arabia's crude oil supply to China is set to dip slightly in July, trade sources said on Tuesday, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. State oil firm Saudi Aramco will ship about 47 million barrels to China in July, a tally of allocations to Chinese refiners showed, 1 million barrels less than June's allotted volume. State refiners Sinopec, PetroChina and Aramco's joint venture Fujian refinery will be receiving more crude in July, while the allocation for independent refiners Rongsheng Petrochemical, Hengli Petrochemical and Shenghong Petrochemical will dip, the sources said. Saudi Aramco did not immediately respond to a request for comment. The robust Saudi supply comes after the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed to hike output in July by 411,000 barrels per day for a third consecutive month. Since April, the OPEC+ eight have now made or announced increases totalling 1.37 million bpd, or 62% of the 2.2 million bpd they aim to add back to the market. (Reporting by Florence Tan; Editing by Muralikumar Anantharaman and Sonali Paul)
