A pipeline exploded at a major oilfield in southern Iraq on Sunday, killing at least one worker and injuring four others, the country's Oil Ministry said.
The explosion and fire were triggered by a gas leak in an old pumping system at the Zubair oil storage depot, while workers were carrying out welding operations near the pipeline in Basra, the ministry said. The pipeline carries crude from the Zubair field to nearby storage tanks.
Early on Sunday afternoon, the ministry said the fire had been "brought under partial control" and that "incidents of this nature require time to be fully contained and extinguished".
One of the injured was in a critical condition, an official said. The incident has not disrupted operations at the oilfield, he added. The site produces 400,000 barrels per day.
Videos on social media showed the area engulfed in flames and thick, black smoke. Firefighters in protective gear battled the blaze, with white foam blanketing the site.
Italy’s Eni is Zubair oilfield's developer.
Iraq is Opec's second-largest producer after Saudi Arabia. Oil revenue makes up more than 90 per cent of Iraq's budget.
The country produces more than four million bpd from Baghdad-controlled oilfields, up from nearly 2.4 million bpd in 2009, according to ministry data.
Also on Sunday, the ministry announced total oil exports of 102.15 million barrels in September, generating $6.96 billion.
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What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
