Economic Updates – Baghdad
Oil Minister Hayyan Abdel-Ghani has announced a series of new projects aimed at enhancing gas production, solar energy development, and gasoline output, alongside a licensing round concerning five oil fields.
During an economic conference organized by the Iraqi-British Business Council at the Rashid Hotel in Baghdad, the Minister highlighted that Iraq’s production quota within OPEC stands at 4 million barrels per day, and the country’s gas reserves amount to an impressive 130 trillion cubic feet.
The Minister further detailed, “The Ministry of Oil is progressing in collaboration with Total Energy to harness solar energy, while also working on investments from the licensing round concerning five notable oil fields in Iraq.”
Additionally, he emphasized the significant potential of the Basra gas project in partnership with Shell and other companies, noting that “the second stage of this project is slated to launch mid-year with expected production reaching 200 million cubic meters of gas.”
On infrastructure developments, the Minister mentioned a project for constructing a fixed platform at Al-Faw Port designated for gas imports, aimed at ensuring sufficient gas supplies for operational stations. He also indicated plans for a floating platform at Khor Al-Zubair, inviting companies to participate in the installation process within one month.
Addressing refining capacities, the Minister revealed plans to increase production by an additional 380,000 barrels per day following the operational commencement of the Karbala refinery.
The Minister concluded by noting that the Ministry has initiated a promising project in Basra, the Fluid Catalytic Cracking (FCC) project funded through a Japanese loan, which aims to produce 4,300 cubic meters of gasoline.
Stay updated with the latest economic developments by subscribing to our channel on Tilekram.
