by Rocky Thu 16 May 2019, 1:28 am
[size=36]Iraq issues 4 million b / d and talks about the challenges it may face when closing the Strait of Hormuz[/size]
Economy | 08:37 - 16/05/2019
BAGHDAD - Mawazine News
The Undersecretary of the Ministry of Oil, the oldest Fayadh Hassan al-Naama, on Thursday, the export of Iraq from oil settled at 4 million barrels per day. While talking about the challenges that may face in the event of closure of the Strait of Hormuz.
"The rate of export of Iraq stabilized at 4 million and 400 thousand barrels per day, including the quantities produced from the fields of Kirkuk and Kurdistan," he said, adding that "stability will give more."
He added that "the ministry plans to increase confidence in Iraq's policy of oil production and export capacity in the coming years with a focus on the southern fields," adding that "the increase coincides with the conclusion of an agreement with international companies to invest in the South Integrated Project, aimed at developing fields and infrastructure For oil fields and the development of export facilities. "
"The Council of Ministers voted last week on the South Integrated Iraq Project and briefed it on the ongoing negotiations between the Ministry of Oil and ExxonMobil and PetroJaina on this project," the ministry's senior deputy said. "The briefing of the cabinet gave the ministry the green light to continue negotiations and sign preliminary principles. For international investment soon. "
However, the blessing that "the terms of the agreement is still in the discussion, especially on some commercial matters of sharing the final profits," pointing out that "Iraq is not obliged to sign contracts when no agreement with the companies mentioned and will look for another international alternative at the same level."
On the impact of international tensions on Iraq's aspirations to invest in the joint fields, said the blessing: "The ministry is moving forward to closer economic relations with neighboring countries," stressing "the ministry's efforts to accelerate the pace of its plans to sign agreements to invest in the common fields."
On the challenges facing Iraq in the event of closure of the Strait of Hormuz, the senior Undersecretary of the Ministry of Oil, said that "any country avoids the closure of its impact on the world's economies, while expressing the hope not to close the strait."
"There are some alternatives for marketing oil," he said.
For his part, said the Director General of the Basra Oil Company Ihsan Abdul-Jabbar: "The rate of export capacity of crude oil amounted to 3 million and 550 thousand barrels per day through the ports of Basra, while maintaining the ceiling of production of Basra as it is at the rate of three million barrels per day to improve oil prices in the market And to maintain the economies of producing countries. "
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