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By John Lee.
Iraq’s Minister of Oil Thamer Ghadhban has announced the rehabilitation of the Al-Sumoud refinery in Baiji.
He said initial production rates are running at 70,000 barrels per day (bpd).
(Source: Ministy of Oil)
By John Lee.
Iraq’s Minister of Oil Thamer Ghadhban has announced the rehabilitation of the Al-Sumoud refinery in Baiji.
He said initial production rates are running at 70,000 barrels per day (bpd).
(Source: Ministy of Oil)
By Ahmed Mousa Jiyad.
Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.
SOMO Reveals More Important Data on its Marketing Activities
In my latest article I suggested that the State Oil Marketing Organization (SOMO) disclose details on its regular (term contract) marketing activities in addition to the spot sales.
SOMO posted, promptly, data on its regular oil sales for last May and June. As was the case with the previous discloser, this one is also unprecedented and, moreover, very useful as it sheds more lights on SOMO’s marketing activities.
The disclosed data came through four pdf. tables; each month has two tables- one for crude Basrah Light, while the other is for Basrah Heavy. Each table provides the following data: name of the Vessel/tanker, Quantity of loaded crude (in barrels); Bill/Lading Date; Destination (mostly countries) and names of the international oil buyers (IOBs).
Based on the disclosed data, SOMO exported, during the two months, more than 207 million barrels, 74.3% of which is Basrah Light and 25.7% Basrah Heavy. The comparison for the last ten years shows that Asian and European destinations enhanced their share from Basrah oil at the expense of the Americas. Some 168 tanker trips/shipments were loaded with oil to these regional destinations.
But the four tables provide no oil prices and no generated revenues for any shipments and there are a few missing, but important, items that need attention and could be easily addressed by SOMO.
This article is based on the tabulation and compilation of data from these four tables and other published sources. It will first address crude type and their market-crude destinations by highlighting a dramatic change occurred during the last ten years. Then it discusses the importance of the main importing countries, in each region, during the period. Also, the article emphasizes the importance of such disclosure for transparency in the petroleum sector and finally it ends with a few concluding remarks and suggestions.
Click here to download the full article in pdf format.
Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad’s biography here.
Former Unaoil executive pleads guilty to conspiracy to give corrupt payments
Basil Al Jarah, Unaoil’s former partner in Iraq, pleaded guilty on 15 July 2019 to five offences of conspiracy to give corrupt payments in connection with the UK Serious Fraud Office (SFO)’s investigation into Unaoil.
The offences relate to the award of contracts to supply and install single point moorings and oil pipelines in southern Iraq. A court order restricting reporting of the plea was lifted today.
In the same investigation, Ziad Akle, Paul Bond and Stephen Whiteley have been charged with conspiracy to make corrupt payments. A trial is scheduled to begin on 13 January 2020 at Southwark Crown Court.
(Source: UK Serious Fraud Office)
By Omar Sattar for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Iraq plans to launch pipelines to export oil through Jordan, Syria
As Iraq exports most of its crude oil production, the Iraqi government is trying to diversify its oil export outlets in a bid to avoid any damage that could result from the tense security situation in the Gulf region.
Iraqi Prime Minister Adel Abdul Mahdi said in a press conference July 9 said that the government was considering export routes through Syrian and Jordanian territory, and added that Baghdad is “worried about the current events in the Strait of Hormuz and their potential impact on the Iraqi economy.”
By John Lee.
US-based Honeywell has signed a memorandum of understanding (MoU) with the South Gas Company (SGC) to process 300 million cubic meters of gas per day from the Artawi field in southern Iraq.
(Source: Oil Ministry)
By John Lee.
Reuters has reported that the Iraqi government has authorised the Ministry for Oil to sign an initial agreement with Netherlands-based Royal Boskalis Westminster to build an “offshore oil export installation“.
IBN’s requests to the company for confirmation have not been returned.
(Source: Reuters)
By John Lee.
Iran’s gas and electricity exports to Iraq are reportedy expected to reach $5 billion by the end of the current Iranian calendar year, which ends on March 21, 2020.
Mehr news agency quotes the Secretary General of Iran-Iraq Joint Chamber, Seyed Hamid Hosseini, as saying that if Iraq agrees it is possible for Iran to barter the necessary goods in return for the gas and electricity, the Central Bank of Iraq (CBI) “should cooperate in this regard“.
(Source: Tehran Times)
By Dana Taib Menmy for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani presented his new Cabinet July 10, vowing to institute reforms and reinvigorate the semi-autonomous government in Erbil, Iraq.
Three main parties in Iraqi Kurdistan were able to reach an understanding on their ministerial nominations to finally form the new government: the Kurdistan Democratic Party (KDP), Patriotic Union of Kurdistan (PUK) and Gorran (Change) movement.
Parliament now has confirmed 21 ministers for the Cabinet, though the controversial post of the natural resources minister remains vacant.
By John Lee.
The Iraqi Cabinet held its regular meeting in Baghdad on Tuesday under the chairmanship of Prime Minister, Adil Abd Al-Mahdi, at which it discussed a series of recommendations by the Ministerial Committee for Energy regarding a number of strategic projects aimed at increasing Iraq’s oil production and exporting capacities.
The Cabinet approved the proposed Iraq-Jordan oil pipeline, and the construction of offshore oil exporting facilities in Iraq’s territorial waters in the Gulf.
it also discussed a number of infrastructure and service projects and approved a proposal from the Ministry of Construction and Housing for a pedestrian bridge in the Gherai’at area in Baghdad.
The Cabinet also approved several measures to encourage Iraqi, Arab and international investment in Iraq, including further action to cut red tape and streamline procedures.
The Cabinet approved a draft law on the accession by the Republic of Iraq to the 1997 Protocol to amend the International Convention for the Prevention of Pollution from Ships (1973) as modified by the 1978 Protocol.
(Source: Govt of Iraq)