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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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Signing the contract of incorporation of the Basra Energy Company

rocky
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Signing the contract of incorporation of the Basra Energy Company Empty Signing the contract of incorporation of the Basra Energy Company

Post by rocky Thu 25 Nov 2021, 6:22 am

Signing the contract of incorporation of the Basra Energy Company

  •  Time: 11/24/2021 19:57:52
     
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{Local: Al Furat News} The National Oil Company signed a contract to establish the Basra Energy Company.
Oil Minister Ihsan Abdul-Jabbar stressed during the occasion: "The ministry's keenness to implement its strategic plans in developing oil fields and sustaining and increasing production, through partnership and cooperation with sober international companies. This came during his speech at the ceremony announcing the establishment of the Basra Energy Company, which includes the British BP and Petrogyna, along with the Basra Oil Company and the Iraqi Oil Marketing Company {SOMO} Basra Energy Limited (BECL), a new establishment project, in which this company will assume the role of the main contractor in Rumaila, under the Technical Service Contract (TSC)."
Abdul-Jabbar added that "the establishment of the company aims to secure sustainable financing for projects to develop the Rumaila oil field, which is one of the most important oil fields in Iraq and the world, where the company will finance its activities, from the profits and contributions of the founding companies."
For his part, the representative of the Basra Energy Company, Zaid al-Yasiri, said that "the announcement of the establishment of the Basra Energy Company comes to develop work in the Rumaila field to reach a peak production of one million and 700 thousand barrels, and that the establishment of the Basra Energy Company is an important step towards strengthening financial financing to implement the company's plans to develop the field."
While the head of the National Investment Authority, Suha Daoud Al-Najjar, praised this step, which she considered of great importance to the development of the national economy, noting that Iraq is a fertile ground to attract investments to implement projects in all sectors.
The Director General of the Basra Oil Company, Khaled Hamza, said that the Rumaila field is classified as one of the largest fields in the world, as it is the fourth in the world, and the current production rate of the field is 1 million and 450 thousand barrels per day, and represents 39 percent of the national production, so the development of the field has economic returns, adding that the Basra Company Energy will have a high flexibility to finance the development projects of the Rumaila field to reach peak production.”

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