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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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    Iraq's refineries.. refining ambitions are close to being achieved

    Rocky
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    Iraq's refineries.. refining ambitions are close to being achieved Empty Iraq's refineries.. refining ambitions are close to being achieved

    Post by Rocky Sat 17 Aug 2024, 5:11 am

    Iraq's refineries.. refining ambitions are close to being achieved

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    Economy News - Baghdad
    [rtl]Iraq's refining sector continues to develop step by step, despite the difficulties faced by OPEC's second-largest crude oil producer since the US withdrawal from the country and disputes with the Kurdistan region.[/rtl]
    [rtl]It seems that the increase in crude oil production from oil fields has encouraged Iraq to intensify efforts to develop refineries, and add new units that will enhance processing capacity and raise the rate of exports of refined products.[/rtl]
    [rtl]For many years, Iraq's fuel imports have been a burden on its budget, but continued development at a steady pace has led to the declaration of self-sufficiency in red diesel (a poor type of gasoil) and the start of its export.[/rtl]
    [rtl]In the Kurdistan Region, the relevant authorities launched a campaign to close down unlicensed refineries, or those licensed and operating without taking into account environmental requirements.[/rtl]

    [rtl]Production and Exports[/rtl]

    [size]
    [rtl]Total refinery production in Iraq is estimated at 1.215 million barrels per day, excluding the production of Kurdistan oil processing refineries.[/rtl]
    [rtl]Iraqi Oil Minister Hayan Abdul-Ghani had previously confirmed work on expanding refineries with the aim of meeting local demand, achieving self-sufficiency, and reducing dependence on imports to end them completely, as happened with red diesel and the success in reducing gasoline imports to 50% by the end of last year 2023.[/rtl]
    [rtl]The chart below - prepared by the specialized energy platform - compares the volume of Iraqi oil exports and refined derivatives during the first quarter of 2022 until 2024:[/rtl]
    [rtl]Abdulghani went further, expressing his desire to achieve a surplus over local production, and his readiness to export.[/rtl]
    [rtl]Iraq exported about 701 thousand barrels of oil derivatives per day during the month of May, with exports since the beginning of this year estimated at more than double the same period last year.[/rtl]
    [rtl]Iraqi refined products exports covered several destinations, including: South Korea, Malaysia, Saudi Arabia, the Sultanate of Oman, Spain, Bahrain, Thailand, Vietnam, and Sri Lanka, according to data published by S&P Global.[/rtl]
    [rtl]Fuel oil ranked first among the highest exports of refined derivatives in Iraq, in addition to other shipments of naphtha, bitumen, poor red diesel and gasoline, according to data.[/rtl]
    [/size]

    [rtl]Refinery development plan[/rtl]

    [size]
    [rtl]It seems that the dreams and ambitions of the refining boom in Iraq are closer to being implemented on the ground, especially with the targeting of expanding exports.[/rtl]
    [rtl]Although a number of currently operating refineries are unable to operate at full capacity, expansion ambitions are supported by plans to build two new refineries.[/rtl]
    [rtl]The two refineries are: Al-Faw, developed in cooperation with China, which will add 300,000 barrels per day to Iraq’s refining capacity, and Kirkuk, which was approved by the Council of Ministers on May 7 and will add 150,000 barrels per day.[/rtl]
    [rtl]Iraq has strengthened its refinery development plans with additional facilities, including the completion last July of a pipeline to transport red diesel flows, aiming to transport supplies from a storage site adjacent to the Basra refinery to the Khor al-Zubair port, to export the product for the first time since 2003.[/rtl]
    [rtl]Plans to expand the refining sector in Iraq included supplying the Basra refinery with a new crude distillation unit with a capacity of 70,000 barrels per day, which began operating in December at the end of last year.[/rtl]
    [rtl]In the same vein, the development work of the Baiji refinery was completed last February and it was officially opened to contribute a production capacity of up to 150,000 barrels per day.[/rtl]
    [rtl]Kurdistan refineries[/rtl]
    [rtl]Government support for refineries appears to have encouraged international oil companies to return and resume their work on the country’s assets, as was evident when BP signed a memorandum of understanding with Baghdad to agree on a framework for resuming development of the Kirkuk oil project.[/rtl]
    [rtl]This included the entire Kirkuk field with its two domes (Baba and Avana), in addition to 3 other fields under the management of the North Oil Company.[/rtl]
    [rtl]Iraq needs to focus on how to increase refining capacity in this area, especially since the company's current crude oil production is estimated at about 380,000 barrels per day, which is sufficient to supply only the refineries of northern Iraq.[/rtl]
    [rtl]Demand for crude has increased with the recent opening of the Baiji refinery in the north of the country, targeting a production of 150,000 barrels per day.[/rtl]
    [rtl]The Kirkuk refinery is also planned to include the "Bazian" unit with a capacity of 40,000 barrels per day, according to what was monitored by the specialized energy platform.[/rtl]
    [rtl]The refineries that have obtained legal licenses in the Kurdistan Region were subject to a time limit from the relevant authorities to adjust their conditions to comply with environmental requirements, with the threat of taking measures against violators, including arrests and security prosecution.[/rtl]
    [rtl]This came after the Kurdistan Regional Government authorities closed 138 illegal and unlicensed refineries earlier this month.[/rtl][/size]


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