(Reuters) - 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, in a breakthrough that could substantially boost its exports.

"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.

The average loading rate into the tanker Maersk Hirado was 22,000 barrels per hour, the source said.

Iraq's oil exports have been held back by a lack of loading capacity in the Gulf after decades of neglect of infrastructure caused by war and economic sanctions.

The opening of its new platform, built by Australian construction firm Leighton, had been held up for weeks, with officials blaming poor weather.