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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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    Al-Sudani reveals an intention to establish Al-Faw refinery with a capacity of 300 thousand barrels

    Rocky
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    Al-Sudani reveals an intention to establish Al-Faw refinery with a capacity of 300 thousand barrels  Empty Al-Sudani reveals an intention to establish Al-Faw refinery with a capacity of 300 thousand barrels

    Post by Rocky Fri 19 Apr 2024, 5:00 am

    Al-Sudani reveals an intention to establish Al-Faw refinery with a capacity of 300 thousand barrels per day

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    Economy News - Baghdad
    Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani revealed that the government is heading to agree with a Chinese company to establish the Al-Faw refinery with a capacity of 300 thousand barrels per day.
    The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani met with major American companies specialized in the field of oil and gas, within a round table held by the Arab-American Bilateral Chamber of Commerce in Houston, Texas, as part of his official visit.” To the United States of America.
    The statement added, “Al-Sudani reviewed the government’s program and its goals towards optimal investment in oil and gas, its future vision, a review of the most prominent strategic projects being implemented in Iraq, as well as investment opportunities for specific projects, and the promotion of the fifth complementary and sixth round, which includes 30 oil and gas fields and a gas exploration patch.” In Anbar, Nineveh, Diwaniyah, Najaf and Samawah.
    Al-Sudani announced, according to the statement, “the extension of applications for the fifth and sixth round supplements by two weeks to give the opportunity for companies wishing to apply, stressing that Iraq is witnessing a stable security situation throughout, calling on American companies to engage in partnerships with the Iraqi private sector, which receives the attention and support of the government.” Pointing to the comprehensive development Iraq is witnessing in all sectors.
    Al-Sudani said during his speech at the round table meeting, “We came up with a vision for the shape of the relationship with the United States, after the understandings and the meeting with President Biden, that it be based on partnership and openness in all fields,” indicating that “our vision is based on mutual interests, and will be strongly present through... Joint work, especially the presence of companies and investment in opportunities in Iraq.”
    He added, "Iraq is of great importance in the energy market in terms of production and reserves, and the difficult circumstances and previous challenges prevented it from reaching the stage of optimal investment of wealth."
    He pointed out that "we are recently approaching self-sufficiency in the oil derivatives that we imported during previous years."
    He stressed that "our government began with a new idea of ​​exploiting wealth, by increasing production capacity, investing in associated gas, and going into manufacturing industries in petrochemicals and fertilizers," pointing out that "we have developed a plan to convert 40% of our exports into oil derivatives."
    Al-Sudani continued by saying during his speech, “Importing gas costs us $4 billion annually, while we burn the equivalent of 1,300 million standard cubic feet, with its negative effects on the environment.”
    He continued, "Our plan is to stop burning gas through the important contract with Total, which is a strategic step, and we encourage Honeywell and all companies to implement these contracts."
    He explained: “We are working on implementing a 1,000 MW solar power plant, in addition to a water injection project for wells.”
    Regarding the fifth round, Al-Sudani said: “It includes projects implemented by the Emirati company (Al-Hilal) and a Chinese company, in addition to the national effort, and we plan to reach 2,400 million standard cubic feet during this specific period.”
    He pointed out, "We are presenting specific projects, including projects attached to the fifth and sixth rounds, and we will extend the period to 15 days, to provide the opportunity to apply for the rounds," explaining that "the sixth round includes patches and fields rich in free natural gas."
    The Prime Minister continued, "We began presenting (integrated projects), including oil extraction, associated gas investment, and the establishment of a power station, refinery, and petrochemical industries."
    He explained, "Opportunities for integrated projects are presented in the Dima fields in Maysan, Ibn Omar in Basra, the Amara and Al-Kumait fields in Maysan, and exploration blocks in Dhi Qar."
    Al-Sudani stressed, “We have opportunities to establish complexes for petrochemicals and fertilizers, in Karbala, the FAO petrochemical complex, and the Nebras project, after (Shell) apologized due to a new approach taken by the company to focus on gas projects,” noting that “there are plans related to multiple export outlets.” “Our need for flexibility in exporting requires relying on additional ports.”
    He continued: "We developed an idea to establish a petrochemical and refinery complex in Ain Sukhna, Egypt, according to understandings, and now we have begun implementing the first phase (Basra - Haditha), which will serve us with flexibility in transporting exports, and could be in an economic model that brings together 3 countries, for this important and vital project."
    Regarding the development path linked to Al-Faw Port, he said that “it will be a vital project, and we are coordinating with the Turkish side regarding it, and Al-Faw Port will enter service at the end of 2025, and it is one of the largest ports in the region,” noting that “we agreed with Abu Dhabi Ports on a partnership to operate Al-Faw Port, and currently We are continuing to complete the details of the contracts.”
    He explained, "There is a large economic city and a new residential city attached to Al-Faw Port, which includes projects for all related industries."
    At the conclusion of his speech, the Prime Minister revealed that he had signed a contract to establish the Al-Faw refinery with a capacity of 300 thousand barrels per day with a Chinese company.



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