Roundup on October 19th

• Source: Global Times
• [01:39 October 19 2009]
• Comments

BP-CNPC oil deal done

The Iraqi cabinet approved a key deal with Britain's BP and China's CNPC International to almost triple production at a giant southern oilfield, an oil ministry spokesman said on Sunday.

The venture, expected to cost between $14-20 billion, is expected to boost production at the southern Rumaila field from the current 1 million barrels per day (bpd) to around 2.8 million bpd over its 20-year duration.

S.Korea recalls trucks

South Korean authorities have ordered Tata Daewoo Commercial Vehicle, an Indian-controlled joint venture in Seoul, to call back around 3,000 trucks for safety reasons, officials said on Sunday.

The recall, which affects 3,276 vehicles, was due to a problem discovered in the auxiliary part of the steering system in Tata Daewoo trucks made from August 16, 2004 to the end of 2007. Free repair services are offered in South Korea on Monday.

Rails reaching to Yemen

Wealthy Gulf states have agreed in principal to extend their multi-billion dollar railway project to Yemen, their poorer neighbour on the Arabian Peninsula, a United Arab Emirates official said Saturday.

The Gulf Arab rail network alone will cost $20-25 billion as the oil producers seek to create a similar model to Europe's high-speed rail system.

The 1,940-kilometer railway would connect six Gulf states, each of which would contribute a share of the start-up capital.

Agencies