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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil Minister: A Russian company is reversing its decision to sell its stake in an oil field in Iraq

    Rocky
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    • Post n°1

    Oil Minister: A Russian company is reversing its decision to sell its stake in an oil field in Iraq Empty Oil Minister: A Russian company is reversing its decision to sell its stake in an oil field in Iraq

    Post by Rocky Sat 31 Jul 2021, 6:48 am

    Oil Minister: A Russian company is reversing its decision to sell its stake in an oil field in Iraq

    •  Time: 07/31/2021 09:03:17
       
    •  Reading: 650 times

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    {Economic: Al Furat News} The Chairman of the Ministerial Council for Energy and Oil Minister Ihsan Abdul-Jabbar announced, on Saturday, the reversal of the company LUKOIL’s decision to sell the company’s share in the (West Qurna-2) field to Chinese companies, stressing Iraq’s ability to acquire shares that wish Oil licensing companies to proceed with their sale deals in the global market.
    Abdul-Jabbar said, "The Russian (Lukoil) company has previously sent an official notification stating that it wants to sell its share in the (West Qurna-2) field to Chinese companies because (the investment in Iraq is not suitable in the eyes of large investors), according to the company's description, as well. (Most of them - that is, investors in Iraq are either looking for another market or a partner to invest in the renewable energy sector), she said.
    He stressed that "discussions with the company (Lukoil) during the last six months contributed to the company's official retraction from its desire to offer part of the shares for trading for sale to other companies."
    He added that "understanding the motives of (Lukoil) has contributed to the development of solutions in coordination with the Ministry of Oil for some of the problems, which the company believes have changed positively for the benefit of both parties."
    Regarding Iraq’s purchase of the share of the American multinational company (Exxon Mobil), the main operator of the (West Qurna-1) field, the Minister of Oil said, “We respect the contracts regarding timelines, but we were some time late in completing the (Exxon Mobil) share purchase program and it is currently being addressed. This is to obtain official approvals for the purpose of purchasing in favor of the Basra Oil Company.”
    Abdul-Jabbar expressed his strong desire, supported by the same capabilities and expertise in the Ministry of Oil sector, "to acquire (ExxonMobil)'s share in the oil fields, as happened on August 12, 2018 after the withdrawal of (Shell) Oil Company from the (Magnon) field," stressing that "the success recorded globally The management and operation of the (Basra Oil Company) for the Majnoon field is evidence of our adherence to our great capabilities."
    He explained that "the government and the ministry still support maintaining foreign investment in order to maintain modernity and development in partnership with major foreign companies in the maturation of logistics projects (transport, training, development and investment in solar energy projects) by luring foreign companies to invest in solar energy and gas projects and building power plants with energy. alternative, which is currently being discussed.
    Abdul Jabbar affirmed that the project to import gas from the Basra port is proceeding with the aim of achieving sufficiency in the speed possible to equip electricity production stations with natural gas fuel, announcing the submission of several companies to offers to supply Iraq with natural gas in the current stage, in parallel with the government’s tendency to pump investments in the gas investment sector. The approval of the Council of Ministers for a partnership contract with (Total) to build gas complexes in southern Iraq will help the country reach the production target to invest more than four billion standard cubic feet per day by 2024, enough to produce more than 10 kilowatts (10 thousand MW). Watts) from gas-electric power plants.
    He promised that this would "help the country to gradually reduce the rate of the natural gas import bill over the coming years and get rid of the phenomenon of burning natural gas associated with crude oil in line with the environmental protection system and international requirements and standards in freezing energy produced with specific carbon fuels."
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