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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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    MINISTER OF OIL: A PLAN TO INVEST GAS AND REACH SEMI-SELF-SUFFICIENCY BEFORE 2025

    Rocky
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    MINISTER OF OIL: A PLAN TO INVEST GAS AND REACH SEMI-SELF-SUFFICIENCY BEFORE 2025 Empty MINISTER OF OIL: A PLAN TO INVEST GAS AND REACH SEMI-SELF-SUFFICIENCY BEFORE 2025

    Post by Rocky Thu 24 Jun 2021, 10:11 am

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    Economie

    [size=38]MINISTER OF OIL: A PLAN TO INVEST GAS AND REACH SEMI-SELF-SUFFICIENCY BEFORE 2025[/size]




    Thursday, June 24, 2021 5:51 PM
    Baghdad/National News Center
    Today, Thursday, Oil Minister Ihsan Abdul-Jabbar revealed that Iraq is looking forward to establishing various power plants, in partnership with international and Arab companies, some of which will work on fossil fuels, and some that will use solar energy, in addition to benefiting from gas that is burned during oil extraction, through Inclusion in the electricity production system.
    Abdul-Jabbar said in a televised interview, followed by the "National News Center", that "Iraq currently consumes about 3,500 million standard cubic feet of gas fuel, of which 1,300 are produced in Iraq and the rest is imported from Iran. While the actual need for Iraq amounts to 4,500 million cubic feet, “we seek to stop burning gas completely in all fields by 2025.”
    Abdul-Jabbar pointed out that “Iraq began a plan of action to stop gas flaring in 2018, as the state provided investments for the Basra Gas Company to build new facilities, and it works in partnership with the Dutch Shell and Mitsubishi Japan.” The completion rate has exceeded 40%, as these facilities will add 400 million standard cubic feet in 2022 and 2023 to produce electrical energy.
    He stressed, "There are currently new projects in the governorates of Dhi Qar and Maysan, and the ministry is also seeking to attract a contractor to invest in the crutch field, in order to reach the ministry's goal of producing 4000 million cubic feet of gas in 2025, which represents 90% of Iraq's need for electric power production." .
    According to Abdul-Jabbar, "Iraq will need more gas fuel to produce electric power in 2030, in order to keep pace with the increase in the population of Iraq to 50 million people, an increase of 10 million people from what it is currently, expecting that his country will need to import 15% of the fuel." The gas it needs, even after implementing the plan to increase production to 4000 million cubic feet in 2025. He also disclosed that infrastructure is being built in the south to open new outlets to import gas from other countries such as Qatar when needed.”
    On the relationship with Saudi Arabia, the Minister of Oil stressed that “the relationship with Saudi Arabia is very necessary for his country” to create a solid economy, and the Kingdom provides all support to us in terms of advice and data, revealing that “positive discussions took place six months ago with Saudi Crown Prince Mohammed bin Salman and the Minister of Energy.” Prince Abdulaziz bin Salman on the production of petrochemicals and the localization of the petrochemical and gas industry in the Akkas field, noting that the two countries have a desire for partnership, and data is currently being exchanged, and I expect that there will be signing memoranda of understanding soon.
    On the other hand, the minister considered that “Iraq’s budget needs to have the price of a barrel of oil at $78, and it is expected that there will be a deficit this year in the budget, according to the current average price of a barrel at $65.”
    And he indicated that “Iraq aspires to create a balanced oil market, and the price of $75 a barrel is considered balanced for producers and consumers. He explained that his country is working with its partners in OPEC to maintain a good oil price, as it is committed to the organization's limitations and respects the reduction programmes, and therefore it does not seek exceptions to increase production. And stressing that Iraq will not return to the agreement to sell oil by prepayment, even if prices decline.”
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