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SOMO: 850 thousand barrels per day will be added to Iraq's export capacity within 6 months
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Economy News - Baghdad
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Added 07/28/2022 - 12:31 PM
Update 07/28/2022 - 12:46 PM
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The headquarters of the oil marketing company "SOMO"
The headquarters of the oil marketing company "SOMO"
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Economy News - Baghdad
The Iraqi Oil Marketing Company "SOMO" revealed the intention of the Ministry of Oil to add 850,000 barrels per day to Iraq's export capacity within 6 months, adding that the Ministry of Oil is currently working on reactivating the Al-Amaya port in Basra in order to export one million barrels per day in the year 2024.
Iraq currently has two oil export outlets, the first from Basra through the ports, which constitutes 97% of the total exports, and the other is the Ceyhan port, which is a joint pipeline between Baghdad and Erbil, in which the region’s oil quantities are exported, amounting to 400,000 barrels per day.
The Director of the Market Research and Strategic Planning Authority at SOMO, Muhammad Saadoun, told the Duty of Frankness program broadcast by Al-Iraqiya channel, and reviewed by "Economy News", that "the Ministry of Oil is working to increase the export capacity within 6 months by 250 thousand barrels per day by replacing equipment in Floating platforms in the port of Basra.
He stressed that Iraq owns two pipelines for exporting oil with Turkey, but they stopped due to the events of ISIS, and now the pipeline that passes from Kirkuk to Baiji and then Turkey, the projects company in the Ministry of Oil is rehabilitating it and within 3 months it will enter service with a capacity of 600,000 barrels per day.
There are major differences between the federal government and Turkey as a result of Ankara allowing the Kurdistan region to export oil independently from Baghdad, and there is now a lawsuit in one of the international courts between the two countries.
And Iraq exported, during the last month, 3.37 million barrels per day, which brought in more than 11.3 billion dollars, thanks to the high oil prices, which exceeded the monthly average of 112.2 dollars per barrel.
He added that the Japanese loan project, which will contribute to the activation of the Al-Amaya port and the establishment of a floating platform, will enter service during the year 2024, and give us an additional export capacity of one million barrels per day.
He pointed out that in 2026, the rehabilitation of the export platforms at the Basra port will be completed, which will add 750,000 barrels per day.
Views 31
Added 07/28/2022 - 12:31 PM
Update 07/28/2022 - 12:46 PM
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