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Natural resources: buying tankers and repairing oil pipelines
Economical 2023/03/05
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Rula Wathiq
The Oil, Gas and Natural Resources Committee in the House of Representatives announced the introduction of basic clauses within the 2023 budget regarding projects to purchase tankers, repair oil pipelines and extract oil, while an energy affairs expert confirmed that the lack of a sufficient modern fleet to transport crude oil and its derivatives led to a great waste of state funds and resources.
Committee member Sabah Sobhi told Al-Sabah that the increase in oil production is related to basic issues, most notably transportation. The Kirkuk-Ceyhan oil pipelines and oil tankers are old, worn out and corroded, and have many problems and leakages, while Iraq, as a producing country, does not possess tankers in the true sense, as most of them are It is rented from countries, and it is the one that transports oil to countries wishing to buy Iraqi oil.
He expressed his hope for the performance of Minister Hayan Abdul-Ghani by developing oil extraction and marketing operations in a manner that is consistent with the volume of exports and the quality of oil, as it is one of the finest types in the region and competes with Saudi crude.
Sobhi confirmed that the committee is working on setting clear and explicit paragraphs in the budget law for this year, including the purchase of tankers, the replacement of pipes, and the advancement of the extraction sector, after the committee diagnosed the lack of financial allocations for these basic aspects. For his part, the expert in energy affairs, Dr. Furat Al-Moussawi, told Al-Sabah that Iraq, with its huge oil resources as the second producer in OPEC, suffers from a clear weakness in its marine and land export system, as well as in the old export pipelines that suffer from Poor loading and continuous oil leakage through it. Al-Moussawi added that Iraq is working to increase its oil revenues by expanding oil exploration and investing in gas, in light of the search for new markets, especially in European countries that are looking for an alternative to oil.
Russian. Al-Musawi added that the Iraqi state established the Iraqi Oil Tanker Company in 1972 with the aim of increasing the country's revenues from oil exports, and then supporting its economy, as the company owns about 17 oil tankers with different tonnages, and Iraq also owns 4 tankers with tonnages ranging from 10 to 13 thousand tons, as well as 4 Small-tonnage ships undertake the task of supplying ships with fuel, and Iraq recently concluded a contract to build two oil tankers with a tonnage of 30,000 tons, in addition to building a natural gas tanker.
He stated that the export system in Iraq needs great work and wide attention by the Iraqi legislator, and constant follow-up by the federal government to fix the great negligence that exists in the work of the export system, which extends back to 70 years, indicating that the parliamentary committee sought to include financial allocations within the 2023 budget for attention. With oil tankers, it came to enable the Ministry of Oil to accelerate the process of modernization and construction of the oil export system in Iraq, and to invest the maximum amount of natural resources in Iraq that befits the reputation of Iraq regionally and internationally.
The expert in energy affairs added that the lack of a modern fleet sufficient to transport crude oil and its derivatives led to a great waste of the funds and resources of the Iraqi state by awarding contracts for loading and transporting oil to the countries of the world with very large sums that exceed the purchase price of modern government oil tankers, which made this section a cause for suspicion. Financial and administrative corruption, in addition to the fact that the old oil export pipelines, whether sea or land, led to the leakage and waste of large quantities of crude oil on a daily basis, which should have been invested to build a solid Iraqi economy and directed to building projects with feasibility and economic return.
sustainable.
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