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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    From Gas Flaring to Production: Iraq Boosts Economic Security with Oil Investment

    Rocky
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    • Post n°1

    From Gas Flaring to Production: Iraq Boosts Economic Security with Oil Investment Empty From Gas Flaring to Production: Iraq Boosts Economic Security with Oil Investment

    Post by Rocky Today at 6:55 am

    [size=38]From Gas Flaring to Production: Iraq Boosts Economic Security with Oil Investment[/size]


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    October 28, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala: Iraq's position on the partnership with OPEC Plus is linked to major challenges in terms of international economic policy; maintaining the stability of the global oil market is a sensitive issue, in light of price fluctuations and varying production policies.
    By adhering to the group’s commitments, Iraq seeks to strike a delicate balance between meeting the needs of its economy, which is heavily dependent on oil revenues, on the one hand, and maintaining global market stability, which is essential to protecting the interests of all producing countries, on the other. This approach highlights Iraq’s commitment to its global responsibilities and its desire to strengthen its role within the oil bloc.
    Prime Minister Mohammed Shia al-Sudani stressed the importance of this partnership during his reception of Oil Minister Hayan Abdul Ghani, stressing Iraq's commitment to the agreements reached within the framework of "OPEC Plus".
    Al-Sudani explained that the government is proceeding with developing the oil and gas sectors within the government program, pointing to plans to invest in oil and gas fields through licensing rounds, and focusing on associated gas projects and the production of petroleum derivatives.
    It is clear from this position that Iraq realizes that its economic stability is inseparable from the stability of the global oil market, which is what drives it to strengthen its commitments to OPEC Plus, especially in light of the recent updates submitted by the Ministry of Oil to the organization, which include a clear timetable for commitment to voluntary cuts and compensation for production increases.
    Focusing on associated gas projects and the production of petroleum derivatives is of great importance to the Iraqi economy on several levels, as Iraq suffers from the problem of burning associated gas during oil extraction, which leads to the waste of valuable natural resources and environmental pollution. By investing in associated gas, Iraq can reduce this waste and direct the gas towards economic uses, such as the production of electricity and chemicals, which improves returns and enhances sustainable development.
    Investing in associated gas helps diversify the economy and reduce its dependence on exporting crude oil only, as the gas can be directed to the local market or exported as liquefied gas, which contributes to achieving additional revenues for the state.
    Iraqi engineer Adel Mahmoud says that producing petroleum derivatives locally contributes to reducing dependence on importing fuel and petroleum derivatives, which reduces pressure on the general budget and reduces the effects of fluctuations in global fuel prices on the local economy.
    He added: Gas and oil derivatives projects require advanced infrastructure, which means additional investments in the engineering and industrial sectors. This in turn creates new job opportunities and enhances the capabilities of local energy-related sectors.
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