Iraq's Basrah Gas Company has exported its first semi-refrigerated liquefied petroleum gas shipment as part of plans to boost the country's LPG exports.
The cargo was shipped from the BGC Umm Qasr jetty, marking "a historical achievement in BGC’s and Iraq’s history", the company said in a statement.
The move will triple the number of vessels available to the company and double its load size in one operation, said Malcolm Mayes, BGC's managing director.
"Additionally, we can have access to wider markets and destination terminals that are restricted to accept refrigerated product only," he said.
"Our strategic plan for the future is to maximise semi-refrigeration exports and eventually participate in the global LPG-trading market when we start exporting fully refrigerated LPG."
Demand for the refined product is growing worldwide. LPG is used mainly as a cooking fuel stored in cylinders for stoves, as well as a propellant, refrigerant, for vehicle fuel and as feedstock for the petrochemicals industry.
The process of semi-refrigerating LPG requires cooling the product to the right temperature to load it on to ship tanks with lower pressure, BGC said.
The mixed LPG is pumped through the chiller units at Umm Qasr, where the product is cooled to the required temperature before being pumped into the ship.
The semi-refrigerated ships can load larger volumes of LPG than pressurised ships.
"BGC has been working relentlessly to meet its strategic plan. By upgrading Umm Qasr Marine Terminal and installing the necessary chiller units, we were able to bring this project into fruition," Mr Mayes said.
"Now LPG can be loaded on both pressurised and semi-refrigerated ships, which will increase the number of vessels that our export customers can use to trade LPG produced by BGC."
BGC is a 25-year joint venture between Iraq’s South Gas Company, which holds 51 per cent of its shares, Shell (44 per cent) and Mitsubishi Corporation (5 per cent).
The company captures associated gas that is currently being flared from three oil fields in southern Iraq — Rumaila, West Qurna 1 and Zubair.
BGC helped transform Iraq from a net importer to a net exporter of LPG in 2016, creating a new revenue stream for the country.
It provides more than 80 per cent of Iraq’s LPG demand.
"With the development of its export capabilities, BGC will potentially support Iraq to diversify its revenue streams and become a global player in the LPG market," the statement said.
Last year, BGC received more than $360 million in funding from a consortium including the World Bank's International Finance Corporation and eight international banks to expand its Basrah Natural Gas Liquids extraction plant.
The expansion will contribute to increasing BGC’s capacity to process an additional 400 million standard cubic feet of gas a day from nearby producers, it said at the time.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
